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Cagamas issues $72.8 million variable rate Sukuk Commodity Murabahah.

The Sukuk represents the largest ever rated, transferrable and tradeable variable rate Commodity Murabahah note issuance by a corporate in the ringgit market to-date and is Cagamas' maiden variable rate Sukuk issuance via its existing MYR 60 billion ($19 billion) Islamic Commercial Papers and Medium Term Notes Programme.

The Sukuk marks an important milestone to stimulate the variable rate Sukuk market and it is envisaged to be a benchmark for the Malaysian bond market. Cagamas' offering of the Sukuk will appeal to investors seeking to diversify fixed income portfolio instruments with a Shari'ah-compliant variable rate product. This benchmark Sukuk increases the suite of Shari'ah-compliant fixed income products offered by Cagamas in the market, reinforcing itself as the leading player in the Islamic finance industry.

The Joint Lead Managers for the Transaction are CIMB Investment Bank Berhad, HSBC Bank Malaysia Berhad and Maybank Investment Bank Berhad.

2009 CPI Financial. All rights reserved.

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Publication:CPI Financial
Date:Aug 10, 2010
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