Khazanah opens the market for exchangeable sukuks

Strong demand from both Islamic accounts and conventional CB investors sees the transaction upsized by 50% to $750 million.

Khazanah Nasional Bhd has priced the worldÆs first exchangeable Islamic bond slightly more aggressively than the mid-point of the marketed range after strong demand from both Islamic investors and conventional CB accounts.

At the initial size of $500 million, the bond issue was about six times covered, so two days into the week-long bookbuilding, when the extent of the demand became obvious, the deal was increased to $750 million, including a $100 million upsize option.

At the final size, the...

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