Chicago, May 30 – Malaysia’s Khazanah Nasional Bhd. (A3/A-) priced a $1.5 billion dual-tranche senior offering split into $750 million equal parts, one part sukuk and one part conventional bond, according to a press release.
The first sukuk tranche due 2028 priced at 4.687%, or at Treasuries plus 93 basis points. Initial price guidance was at 135 bps.
The conventional bond due 2033 priced at 4.876%, or at Treasuries plus 118 bps. Guidance was Treasuries plus 160 bps.
The offer was 7x oversubscribed, backed by interest from over 200 accounts.
The securities will be listed on Bursa Malaysia Securities Bhd., Labuan International Financial Exchange Inc. and the Singapore Exchange Securities Trading Ltd.
BofA Securities, CIMB, DBS Bank Ltd., JPMorgan, Maybank, MUFG, OCBC Bank were joint lead managers and joint bookrunners.
Proceeds will be utilized for general investments, refinancing of borrowings and the working capital requirements of Khazanah.
Khazanah is the investment holding arm of the government of Malaysia and manages the government’s commercial assets.
| Issuer: | Khazanah Nasional Bhd.
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| Amount: | $1.5 billion
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| Bookrunners: | BofA Securities, CIMB, DBS Bank Ltd., JPMorgan, Maybank, MUFG, OCBC Bank
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| Trade date: | May 25
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| Distribution: | Regulation S
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| Sukuk
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| Amount: | $750 million
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| Issue: | Sukuk
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| Maturity: | 2028
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| Yield: | 4.687%
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| Spread: | Treasuries plus 93 bps
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| Price talk: | Treasuries plus 135 bps
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| Bonds
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| Amount: | $750 million
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| Issue: | Senior bonds
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| Maturity: | 2033
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| Yield: | 4.876%
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| Spread: | Treasuries plus 118 bps
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| Price talk: | Treasuries plus 160 bps
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