15 January 2013
Please find below some commentary from Bank of London and the Middle East (BLME), following the news that Sime Darby Global, a subsidiary of Sime Darby, a Malaysia-based multinational corporation involved in development, property, energy and utilities and healthcare, has received approval from the Securities Commission of Malaysia to carry out a US$1.5 billion multi-currency Islamic bonds program.
The structure, which is the first of its kind by an Asian conglomerate, will allow the corporate to tap any foreign currency of its choice; including the Euro, GBP and Renmibi.
Please find below some commentary from Bank of London and the Middle East (BLME), following the news that Sime Darby Global, a subsidiary of Sime Darby, a Malaysia-based multinational corporation involved in development, property, energy and utilities and healthcare, has received approval from the Securities Commission of Malaysia to carry out a US$1.5 billion multi-currency Islamic bonds program.
The structure, which is the first of its kind by an Asian conglomerate, will allow the corporate to tap any foreign currency of its choice; including the Euro, GBP and Renmibi.
Paul Bateman, Senior Risk Manager at BLME, said:
"This debut US dollar Sukuk from a stand-alone corporate will appeal to many Sukuk investors. Demand for product continues to outstrip the available supply, which contributed to a sharp rise in valuations during recent weeks. The sector needs more such corporate issues to ensure its own vitality, not only in the investment grade space, but also in high-yield since many Sukuk investors desire a high level of income while maintaining a diversified portfolio."
-Ends-
Press Release 2013
