Khazanah returns with $399m exchangeable sukuk

Malaysian state fund continues its track record of regular sukuk issuance, printing yet another bond exchangeable into shares of Beijing Enterprises Water Group.

Khazanah Nasional kept up its practise of monetising its stockholdings through the equity-linked route on Wednesday by raising $399 million through the sale of a zero-coupon exchangeable sukuk exchangeable into Beijing Enterprises Water Group shares.

As part of its ongoing effort to promote Malaysia as a financial hub for the Islamic community, it has become a routine for Khazanah to cash out part of its stock portfolio through the exchangeable route every one or two years. These repeated issues help develop a pool of Shariah-compliant products and also set benchmarks for other institutions.

Khazanah generally tends to choose Malaysian and Hong Kong stocks as the underlying...

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