| Malaysian sovereign wealth fund Khazanah Nasional priced a US$500m exchangeable sukuk last week, three months after pulling its last deal, but European restrictions on sukuk sales meant demand there was restrained. The zero-coupon sukuk is exchangeable into shares of power producer Tenaga Nasional. It has a tenor of seven years and a put for investors after four. An option to increase the size by US$100m was not used.
The deal was said to be covered, but not massively oversubscribed, with allocations skewed to outright investors. The new notes were trading below par on the morning of September 4, at around 99.25...............................................Full Article: Source
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