Malaysian Rating rated the sukuk AA+IS and carried a tenure of 10 years from the issue date on a 10 non-callable five basis.
Maybank Islamic Bhd on Thursday issued its maiden Tier 2 Capital Islamic subordinated sukuk of RM1bil ($330.52 million), the largest single ringgit-subordinated sukuk issuance by an Islamic financial institution to date.
It said in a statement that the subordinated sukuk, which is based on the Islamic principle of musyarakah, was rated AA+IS (outlook stable) by Malaysian Rating Corp Bhd and carried a tenure of 10 years from the issue date on a 10 non-callable five basis. It is lead arranged by Maybank Investment Bank Bhd, according to a report in The Malaysian Star.
Maybank Group president and CEO Datuk Seri Abdul Wahid Omar said the sukuk had received “overwhelming response from investors.” The RM1bil subordinated sukuk will qualify as Tier 2 capital for Maybank Islamic for the purpose of Malaysian capital adequacy regulation.
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