By Marisa Wong
Madison, Wis., June 9 – Malaysia’s Public Bank Bhd. said its wholly owned subsidiary, Public Islamic Bank Bhd., issued RM 500 million of 4¾% subordinated sukuk on Monday.
The notes were issued with a term of 10 years on a non-callable five-year basis, according to a Bursa Malaysia announcement.
This is the first tranche issued under the subsidiary’s RM 5 billion Islamic medium-term note program established on April 23.
Proceeds will be used for working capital, general banking and other corporate purposes.
As previously announced, RAM Rating Services Bhd. assigned an AA1 rating to the subordinated sukuk.
The retail and commercial bank is based in Kuala Lumpur.
| Issuer: | Public Islamic Bank Bhd.
|
| Issue: | Subordinated Islamic medium-term notes
|
| Amount: | RM 500 million
|
| Maturity: | June 7, 2024
|
| Coupon: | 4¾%
|
| Call: | June 10, 2019
|
| Settlement date: | June 9
|
| Rating: | RAM Rating: AA1
|
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