By Marisa Wong
Madison, Wis., Sept. 20 - Malaysia's CIMB Group Holdings Bhd. announced that CIMB Islamic Bank Bhd. issued RM 300 million of tier 2 junior sukuk on Sept. 18.
The period profit payment rate for the 10-year sukuk is 4% per year.
The sukuk, which are callable on any periodic payment date after five years, were issued under the company's RM 2 billion tier 2 junior sukuk program.
Proceeds will be used for the CIMB Islamic Bank's Islamic banking operations.
Malaysian Rating Corp. Bhd. assigned an AA+ rating to the sukuk.
CIMB Islamic Bank is a wholly owned subsidiary of CIMB Bank Bhd., which is a 99.99% owned subsidiary of CIMB Group Sdn. Bhd., a wholly owned subsidiary of CIMB Group Holdings. The CIMB banking group is based in Kuala Lumpur.
| Issuer: | CIMB Islamic Bank Bhd.
|
| Issue: | Tier 2 junior sukuk
|
| Amount: | RM 300 million
|
| Maturity: | 10 years
|
| Periodic distribution: | 4%, payable semiannually
|
| Call option: | After five years on any periodic payment date
|
| Settlement date: | Sept. 18
|
| Rating: | Malaysian Rating Corp.: AA+
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