Sunday, March 9, 2014

RHB Investment completes first global sukuk

Kuala Lumpur, 7 March 2014 – RHB Investment Bank successfully completed its first global sukuk offering as Joint Lead Manager for a landmark global sukuk bond issuance by IDB Trust Services Limited (IDBTS), a special purpose vehicle established to raise fund for the Islamic Development Bank (IDB).
RHB Investment Bank’s role also included underwriting IDBTS’s 5-year USD1.5billion sukuk issuance under its USD10billion sukuk programme. The issuance was initially over-subscribed by two times prior to a USD500million upsize to cater to the overwhelming response.
Mike Chan, Managing Director of RHB Investment Banksaid, “RHB Investment Bank is pleased to be part of this notable exercise. Our involvement in IDB’s programme is part of our strategy to internationalise the Islamic capital market. This global sukuk issuance is a first for RHB Investment Bank and is a stepping stone towards achieving our aspiration to be a significant player in the global sukuk market.
This issuance also represents the RHB Banking Group’s continuous drive for Malaysia to be the market leader in global sukuk issuance.
“Islamic finance continues to gain momentum and is pacing up to traditional banking around the world. We see this as an exciting time for the Group to be a part of this Islamic financial scene as we want to continue to grow and provide comprehensive financial instruments in our aim to attain global Islamic leadership status” said Ibrahim Hassan, Managing Director of RHB Islamic Bank.
The sukuk issuance is rated AAA, the highest credit rating, by Standard & Poor’s, Fitch and Moody’s and is listed on the London Stock Exchange, Bursa Malaysia and Nasdaq Dubai Exchange.