By Marisa Wong
Morgantown, W.Va., Aug. 3 – Public Bank Bhd. announced that wholly owned subsidiary Public Islamic Bank Bhd. issued RM 500 million of 4.65% subordinated sukuk on Thursday.
The tier 2 securities were issued with a term of 10 years on a non-callable five-year basis.
This is the second tranche issued under the bank’s RM 5 billion sukuk program approved by Bank Negara Malaysia and the Securities Commission Malaysia in 2014.
Proceeds from the latest tranche will be used for working capital, general banking and other corporate purposes.
The retail and commercial bank is based in Kuala Lumpur.
| Issuer: | Public Islamic Bank Bhd.
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| Issue: | Tier 2 subordinated sukuk
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| Amount: | RM 500 million
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| Maturity: | Aug. 3, 2027
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| Coupon: | 4.65%
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| Call: | Aug. 3, 2022
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| Settlement date: | Aug. 3
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| Rating: | RAM Rating: AA1
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