Deutsche leads Islamic bond for Malaysian toll operator

A successful bond issue for toll-road operator Silk sets a new benchmark in Islamic finance.
Deutsche Bank has placed a M$2.01 billion $530 million Islamic bond issue for Sistem Lingkaran Lebuhraya Kajang Silk, a Malaysian toll road operator. In addition to Deutsche's role as lead manager and sole book runner, Alliance Bank Malaysia and Bank Islam Malaysia served as co-leads.

Aside from being a significantly sized issue for the Islamic debt market, the Silk deal is also the biggest single-A rated bond deal ever to be launched in Malaysia.

The offering sets a new benchmark in terms of tenor and size for a ringgit debt deal with its credit rating, says Sikander Kanji, head of Asia global markets at Deutsche. This represents a positive development for investor credit...

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