Investors pile into Khazanah exchangeable

The $358 million deal is Shar'iah compliant and exchangeable into Hong Kong-listed Parkson Retail.

Investors pile into Khazanah exchangeable
The Khazanah bonds are exchangeable into shares in Chinese department store operator Parkson Retail

Khazanah Nasional last night returned to the equity-linked market with a $358 million exchangeable Islamic bond, which was aggressively priced and confirmed that there is indeed huge investor appetite for deals backed by strong credits. The bonds are exchangeable into Hong Kong-listed Parkson Retail Group and are backed by Khazanah’s remaining 220 million shares in the company one of the largest nationwide department store operators in China.

The deal attracted more than $1.5 billion of...

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