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- PNBMV said the sukuk drew strong demand from over 40 investors, achieving a 1.17 times bid-to-cover ratio and was priced at profit rates of between 3.64% and 4.11%, averaging 3.83%, lower than its unrated 2017 sukuk cost.
KUALA LUMPUR (Nov 13): PNB Merdeka Ventures Sdn Bhd (PNBMV), a unit of Permodalan Nasional Bhd (PNB), has completed its first RM6 billion Sustainability Merdeka Sukuk Wakalah to partly fund the mixed-use development Merdeka 118 project.
PNBMV said this represents the largest corporate and real estate sustainability sukuk in Asean, the biggest ringgit-denominated sukuk and the largest AAA-rated corporate sukuk in Malaysia.
In a statement earlier this month, PNBMV said the sukuk drew strong demand from over 40 investors, achieving a 1.17 times bid-to-cover ratio and was priced at profit rates of between 3.64% and 4.11%, averaging 3.83%, lower than its unrated 2017 sukuk cost.
Proceeds will refinance the outstanding unrated sukuk and fund ongoing development of the Merdeka 118 precinct.
PNBMV said the sukuk programme is part of its funding diversification and long-term capital management strategy to optimise its funding structure and costs for the overall Merdeka 118 project.
Anchored by the 678.9-metre Menara Merdeka 118—the world’s second-tallest tower—the Merdeka 118 precinct is a mixed-use development featuring premium offices, The View at 118 observation deck, Park Hyatt Kuala Lumpur, the 118 Mall, two Merdeka Residences towers, and Oakwood Premier serviced residences, all set within the four-acre Merdeka Boulevard at 118 park.
CIMB and Maybank Investment Banks were joint principal advisers, arrangers, and bookrunners.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
