Malaysia's Bank Rakyat Issues MYR 1.5 Billion Senior Sukuk Wakalah under 10 Billion Sukuk Wakalah Programme

Malaysia-based Bank Rakyat has announced the issuance of Senior Sukuk Wakalah worth MYR 1.5 billion (USD 341 million) under its MYR 10 billion (USD 2.3 billion) Sukuk Wakalah Programme and through its special purpose vehicle Imtiaz Sukuk II Berhad, as per a statement made by the bank on the 12th of May 2022.

Why it Matters?

The Sukuk, issued in two tranches comprising a five-year tenured MYR 700 million (USD 159 million) offering and a seven-year tenured MYR 800 million (USD 182 million) offerings, received a final bid-to-cover ratio of 1.30 times the final issue size, garnering respectable demand. The proceeds from the offering will fund working capital requirements, capital expenditure, general investments, financing provision and other general corp...