Public Bank launches RM20 billion programme for sukuk issuance
Preliminary ratings from RAM Rating Services Bhd stand at AAA for the senior sukuk and AA1 for the subordinated sukuk.
Public Bank Bhd has established an Islamic medium-term notes programme worth RM20 billion, according to its Nov 4 filing with Bursa Malaysia. The sukuk murabahah programme permits periodic issuance of both senior and subordinated sukuk.
Its 30-year term will begin when the first sukuk is issued. The bank said Public Investment Bank Bhd, its wholly owned subsidiary, had submitted the required documentation to Securities Commission Malaysia.
For the programme, Public Investment Bank has been named principal adviser. It will also take on the lead arranger and lead manager roles.
The senior sukuk received a preliminary long-term AAA rating from RAM Rating Services Bhd. The corresponding rating for the subordinated sukuk was AA1.
At the close of trading on Wednesday, Public Bank was priced at RM4.77 per share after a decline of 4 sen or 0.83%. The group's market value stood at RM92.6 billion.
