- News
- Market Watch
- Bursa Malaysia
- My Portfolio
- Exchange Rates
- Unit Trusts
- Market Intelligence
- IPO Watch
- Company Ratings
- Bonus & Dividends
- Financial Results
- Share Buybacks
- Changes in Shareholdings
- Currency Converter
- Investor Relations
- Maritime
-
Wednesday February 27, 2013
Exim Bank plans US$1b sukuk
KUALA LUMPUR: Export-Import Bank of Malaysia Bhd (Exim Bank) plans to sell Islamic bonds in the global market, the second by an Asian company in 2013 after a two-year absence.
The state-owned trade finance provider invited proposals from banks to arrange US$1bil (RM3.1bil) of dollar-denominated debt for a possible second-quarter offering, said three people familiar with the deal.
The lender aimed to increase the proportion of syariah loans to 30% of the total in two years from 20% now, chief executive officer Adissadikin Ali said in an interview yesterday, declining to comment on the potential issuance.
Exim Bank will become only the fourth Asian corporate to ever tap dollar sukuk investors after Sime Darby Bhd, the world’s biggest palm-oil producer, sold US$800mil (RM2.48bil) of notes in January. The government’s US currency Islamic bonds maturing in 2021 yield 2.92%, compared with 3.55% for a similar ringgit debt.
“More Asian companies will tap the dollar sukuk market given the pace of regional growth and overseas expansion,” Mohamed Azahari Kamil, the Kuala Lumpur-based chief executive officer of Asian Finance Bank Bhd, the Malaysian unit of Qatar Islamic Bank SAQ, said in an interview yesterday.
“Islamic borrowing costs for well-rated corporates are cheap.”
A sale would be the Kuala Lumpur-based institution’s second foray into the international debt arena. It sold US$500mil (RM1.55bil) of five-year notes in May at a coupon rate of 2.875%. Those securities are rated A3 by Moody’s Investors Service and A- by Fitch Ratings, the fourth-lowest investment grades and the same ranking as the sovereign.
The 2.875% bonds due in 2017 yielded 1.91% yesterday, down 11 basis points, or 0.11 percentage point, from the end of last year, data compiled by Bloomberg show.
The Bloomberg Malaysian Sukuk Ex-MYR Index of foreign-currency Islamic debt rose 0.1% last week to 111.682 and is little changed in 2013. – Bloomberg
- Former top judge questions Enforcement Agency Integrity Commission
- The best ways to national unity
- Officers find illegal farms cleared of workers and machines
- Land clearing done legally, says Adnan
- ‘Boycott will be self-defeating’
- Zahid: I will not interfere with decisions of HODs
- Rape accused defends marriage to 13-year-old, says it was mutual
- Wee: MCA shouldn’t join Government
- Court: Sosma not applicable to Yazid and two others
- Enough documents for Lahad Datu case
- Government looks into broader base for broadband
- Group upset over man marrying underage victim
- Group lodges report after missing gold bars
- Indonesian who brought mum to Penang for treatment falls to her death
- AirAsia: Child not allowed on board because of chicken pox
- Alliance Research lowers Affin to Neutral buts target price
- KLCI inches up in early trade, boost from PPB Group, HLFG
- Malaysia's Titan seeks up to 130,000 tonnes of naphtha
- Maybank KE Research maintains Buy on TSH, TP RM2.38
- CME to launch palm oil swaps contract on June 3
- Maybank KE Research maintains Buy on Gamuda, TP RM5.30
- British PM tells Google and others to play fair on paying tax
- Trading ideas: Pos Malaysia, BToto, Notion Vtech
- Malaysia-Market factors to watch on May 21(Tuesday)
- Wall Street ends flat on correction worries
- Raytheon to sign US$2.1bil arms sale to Oman
- Report: iPhone maker Apple keeping billions of dollars in Irish subsidiaries to avoid taxes
- Revival of abandoned RM1.4bil 79-storey Plaza Rakyat near Pudu bus terminal
- Wahid: M’sia growth prospects still bright, will be driven by Govt identified projects
- UBS predicts Malaysia’s 2013 GDP at below 5%
- Plenty for Hafizh as 55 is significant in his early racing career
- Yi Ting on a mission
- Razif: Indiscipline the cause of senior players’ poor performances
- Cool V Shem believes he will be too hot for rivals to handle
- Spirited Malaysian team vow to deliver against Germans
- Japan hope to reach their first semis in tourney
- KLHC to rule the roost if other teams don’t raise their game
- Malaysia have their work cut out in the World League
- Gobi’s fate to be decided by MHC’s administrative committee
- Andre nails it with last jump
- Grace hammers home a point with two golds
- Delia one step away from main draw after easy win
- Sharon believes KPT circuit is excellent for squash’s future
- Nadal and Williams are looking unbeatable leaving rivals stunned
- Reigning champion thumps Xu Xin as Taiwan make history with first gold
- Revival of abandoned RM1.4bil 79-storey Plaza Rakyat near Pudu bus terminal
- RM1.7bil Maju Expressway deal crashes
- Report: iPhone maker Apple keeping billions of dollars in Irish subsidiaries to avoid taxes
- Maybank seeking suitable replacement for CEO Wahid
- UBS predicts Malaysia’s 2013 GDP at below 5%
- Time dotCom CEO Afzal ready to move on, but wants a solid management team in place first
- Malaysia-Market factors to watch on May 21(Tuesday)
- Wahid: M’sia growth prospects still bright, will be driven by Govt identified projects
- Malindo set to operate from Subang Skypark
- Malaysia's Titan seeks up to 130,000 tonnes of naphtha
- Revival of abandoned RM1.4bil 79-storey Plaza Rakyat near Pudu bus terminal
- CME to launch palm oil swaps contract on June 3
- Japan Inc. averse to further yen drop, poll finds
- Report: iPhone maker Apple keeping billions of dollars in Irish subsidiaries to avoid taxes
- TH Plantations hopes for soft loan from timber board
- RM1.6bil sukuk proposal by for gas-fired power plant in Penang
- Malindo set to operate from Subang Skypark
- Alliance Research lowers Affin to Neutral buts target price
- KLCI inches up in early trade, boost from PPB Group, HLFG
- Maybank KE Research maintains Buy on TSH, TP RM2.38
RSS
