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The year 2011 saw higher corporate sukuk/bond issuance activity, which contributed respectively to a 68% and 33% year-on-year increases in the number and aggregate value of sukuk/bond issues rated by MARC. In 2011, a total of 37 corporate debt issues were rated by MARC with an aggregate programme value of RM26.55 billion. Sukuk represented the majority of MARC-rated debt issuances during the year at 84.69% in terms of total value and 70.27% in terms of total number of issues.
Among the notable sukuk/bonds rated by MARC and issued in 2011 were Aman Sukuk Bhd's RM10.0 billion Islamic Medium Term Notes Programme, ANIH Bhd's RM2.5 billion Senior Sukuk Musharakah, Westports Malaysia Sdn Bhd's RM2.0 billion Sukuk Musharakah Programme, DRB-Hicom Bhd's RM1.8 billion Commercial Paper and Medium Term Notes Programme and Hong Leong Financial Group Bhd's RM1.8 billion Commercial Paper and Medium Term Notes Programme.
Details of MARC's League Tables are as follows:-
LEAD MANAGERS LEAGUE TABLE FOR JANUARY - DECEMBER 2011
(By Value RM' million)
No. | Lead Managers | Conventional | Islamic | Total |
1 | Maybank Investment Bank Berhad | 761.9 | 8,645.0 | 9,406.9 |
2 | AmInvestment Bank Berhad | 500.0 | 4,180.0 | 4,680.0 |
3 | CIMB Investment Bank Berhad | 600.0 | 3,690.0 | 4,290.0 |
4 | Hong Leong Investment Bank Berhad | 2,040.0 | 343.1 | 2,383.1 |
5 | RHB Investment Bank Berhad | 2,000.0 | 2,000.0 | |
6 | Bank Islam Malaysia Berhad | 2,000.0 | 2,000.0 | |
7 | Hong Leong Islamic Bank Berhad | 1,000.0 | 1,000.0 | |
8 | Affin Investment Bank Berhad | 355.0 | 355.0 | |
9 | MIMB Investment Bank Berhad | 170.0 | 170.0 | |
10 | Alliance Investment Bank Berhad | 161.9 | 161.9 | |
11 | OCBC Bank (Malaysia) Berhad | 100.0 | 100.0 | |
| Total | 4,063.7 | 22,483.1 | 26,546.8 |
LEAD MANAGERS LEAGUE TABLE FOR JANUARY - DECEMBER 2011
(By Number of Issues)
No. | Lead Managers | Conventional | Islamic | Total |
1 | Maybank Investment Bank Berhad | 2 | 10 | 12 |
2 | Hong Leong Investment Bank Berhad | 6 | 1 | 7 |
3 | AmInvestment Bank Berhad | 1 | 5 | 6 |
4 | CIMB Investment Bank Berhad | 1 | 3 | 4 |
5 | Affin Investment Bank Berhad | 2 | 2 | |
6 | OCBC Bank (Malaysia) Berhad | 1 | 1 | |
7 | MIMB Investment Bank Berhad | 1 | 1 | |
8 | RHB Investment Bank Berhad | 1 | 1 | |
9 | Alliance Investment Bank Berhad | 1 | 1 | |
10 | Bank Islam Malaysia Berhad | 1 | 1 | |
11 | Hong Leong Islamic Bank Berhad | 1 | 1 | |
| Total | 11 | 26 | 37 |
The volume of issued and rated corporate bonds (excluding Government Guaranteed and non-rated Corporate bonds) during 2011 surpassed MARC's forecast of RM50 billion at RM54.7 billion. Non-rated corporate bonds, which includes government-guaranteed sukuk/bonds issued during the year, amounted to RM16.4 billion. The financial and infrastructure sectors dominated issuance activity in 2011.
MARC opines that the sukuk and bond pipeline in 2012 will be sustained by corporate capital spending and Public Private Partnership (PPP) project financings. As in the recent past, MARC expects high investment grade (AA-rated and above) issues to dominate new sukuk/bond issuance. MARC forecasts the gross corporate bond issuance in 2012 to be in the range of RM65-RM75 billion which notably includes Projek Lebuhraya Usahasama Berhad's RM23.35 billion sukuk that was issued in January this year. Underpinning this forecast is the assumption that corporate balance sheets will remain healthy and the economy will continue to grow amid the increasingly uncertain outlook for the global environment.
Contacts:
Saw Leng Hean, +603-2082 2248/ lenghean@marc.com.my; Nadia Nadira Mohd Ghazali, +603-2082 2212/ nadianadira@marc.com.my.
© Press Release 2012
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