Malaysia's Public Islamic Bank sets up RM 5 billion sukuk program

By Marisa Wong

Madison, Wis., April 23 - Malaysia's Public Bank Bhd. announced that wholly owned subsidiary Public Islamic Bank Bhd. obtained approvals from Bank Negara Malaysia and the Securities Commission Malaysia to establish an up to RM 5 billion Islamic medium-term note program.

Bank Negara Malaysia and the Securities Commission Malaysia approved the 30-year program on March 24 and April 21, respectively.

The program covers senior sukuk and subordinated sukuk. The subordinated sukuk will qualify as tier 2 capital.

Public Investment Bank Bhd. is the lead arranger and lead manager for the program.

RAM Rating Services Bhd. has assigned AAA and AA1 ratings to the senior sukuk and subordinated sukuk, respectively.

The retail and commercial bank is based in Kuala Lumpur.

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