Another sign that Malaysian corporates are leading the global sukuk market is the successful closing of Tenaga Nasional Berhad’s 4.85 billion ringgit ($1.55 billion) sukuk which was oversubscribed by over 4 times.
Tenaga Nasional, which is Malaysia’s largest power company, issued the sukuk which has a 20-year tranched tenor through a special purpose vehicle (SPV), Manjung Island Energy. The issuance, which is rated AAA by local rating agencies, RAM Rating Services and Malaysian Rating Corporation (MARC), is the first foray into the debt market for the power company since 2004………………………………………..Full Article: Source