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Malaysia's Maybank to sell $300 million 10-year Sukuk bonds
By Reshmi Basu
New York, April 11 - Malayan Banking Bhd. (Maybank) plans to sell a $300 million offering of 10-year Islamic subordinated bonds (Baa1/BBB+/BBB+), according to a market source.
The Sukuk bonds will be non-callable for five years.
Aseambankers Malaysia Bhd., HSBC and UBS are lead managers for the issue, which will be issued via MBB Sukuk Inc., a special-purpose company established by Kuala Lumpur, Malaysia-based Maybank to issue subordinated trust certificates.
The proceeds from the sale will be used to fund Maybank's Islamic banking operations and for general Islamic purposes, according to the ratings statement filed by Standard & Poor's.
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