Khazanah Nasional Berhad, the investment holding arm of the Malaysian government, has listed a US$850m sukuk on the Dubai International Financial Exchange (DIFX).
It is the first Islamic bond from outside the Middle East to be listed on the exchange.
Per Larsson, chief executive of the DIFX, said: “The listing of Khazanah’s sukuk, the first from outside the Middle East on the DIFX, is a landmark event for the exchange, which now has 46% of all listed sukuk by value. The sukuk market continues to show dramatic growth and innovation on the DIFX, positioning Dubai and the Dubai International Financial Centre as the global hub for Islamic finance.”
Khazanah’s sukuk is the tenth to list on the DIFX. The other nine are from issuers in Kuwait, Saudi Arabia and the UAE.
The convertible sukuk was oversubscribed by 13 times. It was issued by an independent special purpose company, Cherating Capital of London, and has a maturity of five years. Holders will have an option to exchange the sukuk into ordinary shares of PLUS Expressways Bhd when it matures.
Khazanah has also applied to list the sukuk on the Labuan International Financial Exchange and the Stock Exchange of Hong Kong.
CIMB Investment Bank Bhd, Deutsche Bank and JPMorgan were the joint bookrunners and joint lead managers, while CIMB Islamic Shariah Committee acted as the Shariah adviser for the issuance.
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