Khazanah opens the books for exchangeable sukuk

The $600 million bond issue has a similar structure to Khazanah's first exchangeable sukuk, but will pay a higher coupon and be exchangeable into PLUS Expressways.

Malaysia's Khazanah Nasional Bhd yesterday opened the bookbuilding for its and AsiaƆs second exchangeable Islamic bond and immediately met with massive demand that left the $600 million issue multiple times covered within hours, sources say.

This early demand is primarily coming from conventional investors, though, as Islamic investors typically need more time to make investment decisions. However, Khazanah, together with joint bookrunners CIMB, Deutsche Bank and JPMorgan, have spent the past four days travelling around the Middle East...

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