Malaysia postpones decision on Islamic global bond

The government decides to wait until its budget presentation before deciding lead managers for the country''s forthcoming Islamic global bond.

Before the summer break, market participants had been expecting the government to time its benchmark euro-denominated deal to coincide with the IMF's annual meeting, scheduled to be held this year in Dubai from September 20 to 22. This timing was viewed particularly auspicious for the deal, since the IMF platform would give it greater international prominence, while Dubai lies right at the heart of the world's Islamic investor base.

However, Malaysian government officials are said to have decided to make the deal the swan song of Prime Minister Mahathir Mohamad, who is scheduled to make his final budget presentation to parliament on September 12. This is when he is now expected to...

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