Sime Darby shines on debut

The Malaysian market laps up the company''s first Islamic bond issue.

Malaysian conglomerate Sime Darby has closed the books on its very successful inaugural Islamic bond issue. The seven -year issue was sold at par yesterday with an Islamic profit yield equivalent to a coupon of 4.38%. The deal raised RM500 million $131.5 million for the revered Malasyian firm.

In yesterday's market, seven-year Malaysian government securities were trading at a mid point of 3.45% meaning that Sime Darby's issue came in at a 93bp spread. According to bankers...

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