Tenaga Nasional Berhad Increases Sukuk Issuance to MYR 3 Billion Following Strong Demand

Tenaga Nasional Berhad (TNB), Malaysia’s power utility company, has issued Sukuk Wakalah amounting to MYR 3 billion in three tranches, as part of its MYR 10 billion Islamic medium-term notes programme originally announced on the 30th of June, 2020.

Due to strong demand from local and foreign investors, the Sukuk, which was originally sized as MYR 2 billion, was oversubscribed by nearly four times with book-building orders amounting to MYR 7.82 billion from 41 accounts. As a result, the transaction was upsized to MYR 3 billion upon book closing, according to a recent filing by TNB with Bursa Malaysia.

The three tranches consist of MYR 750 million notes at 2.9% for 10 years, MYR...