Maybank launches first ever lower tier-2 sukuk

The first Islamic surbordinated lower tier-2 deal is attracting considerable interest from investors.

Malayan Banking's Maybank debut Reg-S $300 million 10-year non-call-five deal, a breakthrough Islamic subordinated lower tier-2 certificate, is generating very strong interest, with key Asian investors already in the book. Guidance has not been released, but demand has reportedly reached $1 billion.

Maybank's special purpose vehicle, MBB Sukuk Inc, will issue the subordinated trust certificates via bookrunners HSBC, UBS and Aseambankers. The sukuk format will allow Maybank to raise funds in compliance with sharia law, underpinning a strategic initiative...

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