Khazanah issues RFP for exchangeable sukuk

Malaysia’s state investment fund is looking at issuing another exchangeable sukuk – potentially its fourth issue in the last five years.

Khazanah Nasional sent out a request for proposal over the weekend for a potential exchangeable sukuk, according to sources familiar with the situation, as the Malaysian state investment fund looks to extend its streak of Islamic exchangeable bond offerings.

Tasked with developing Malaysia as the financial centre for the Islamic community, the state investment fund has actively sought in recent years to cash in some of its equity holdings through the exchangeable bond route.

With the exception of 2015 which was disrupted by the 1MDB corruption scandal Khazanah has issued three exchangeable sukuk in the last four years. It raised over $1.3 billion from the sale...

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