Thursday September 30, 2010
Malaysia Debt Ventures plans third Islamic bond sale next year
KUALA LUMPUR: Malaysia Debt Ventures Bhd, a venture capital firm owned by the Finance Ministry, plans to issue about RM500mil of Islamic bonds in its third sukuk sale next year to fund investments, chief executive officer Md Zubir Ansori Yahaya said.
The company, which spends RM750mil on information technology and bio-technology projects annually, raised RM500mil of sukuk earlier this month, he said in an interview at a venture capital conference here on Tuesday.
Malaysia Debt Ventures started a RM1.5bil sukuk programme in 2008 as an alternative way of raising funds, Zubir said.
The next sale may take place in September or October 2011, he said.
In another development, Malaysia sold RM3bil of three-year syariah-compliant bonds at an average yield of 3.199%, the central bank announced on its website.
Investors submitted bids for 2.53 times the amount of September 2013 notes on offer, according to Bank Negara, which conducts debt sales on behalf of the Treasury.
The so-called bid-cover ratio was 1.92 times at the sale of 2015 bonds on Aug 26 and an average 2.32 times from all 14 auctions this year, according to data compiled by Bloomberg. — Bloomberg