Khazanah returns with $500m Tenaga exchangeable

Sharia-compliant deal comes back with different set of banks and better terms.

Khazanah returns with $500m Tenaga exchangeable
Kuala Lumpur

Khazanah, Malaysia’s state-owned investment fund, sold a $500 million chunk of its stake in power producer Tenaga Nasional on Wednesday evening through a zero-coupon exchangeable sukuk.

The trade is a re-launch of a June deal, led by JP Morgan and Nomura, that Khazanah pulled after failing to get the price it wanted. That deal was a five-year bullet structure but CIMB, Deutsche Bank and Standard Chartered took charge this time around and opted for...

To continue reading, please login or register for free

Click for more on: khazanah | tenaga nasional | exchangeable | convertible | cb | energy

Print Edition

FinanceAsia Print Edition

CONFERENCES