InstaForex

November 26, 2021

More Malaysian Firms To Issue Sukuk Following In TNB's Footsteps

 CIMB also increased 'Nur' recently.


CIMB Bank Bhd, a 99.99% indirect subsidiary of CIMB Group Holdings Bhd will issue Islamic bonds worth RM15 billion under the Sukuk Wakalah program.


According to CIMB Bank's filing, CIMB Investment Bank Bhd will be the lead advisor on the RM15 billion Islamic bonds.


He added that the expiry date for the submission of Islamic bonds with the Securities Commission Malaysia (SC) is on 22 February 2022 and according to them, the way in which the money to be obtained from the Islamic bonds will be used is still not stated.



According to a note issued by analysts at RAM Ranting Services Bhd (RAM Ratings), Loh Kit Yoong and Wong Yin Ching, they have given CIMB Bank a financial institution rating of AAA/Stable/P1 and for sukuk to be issued has been given an AAA/Stable rating.


According to them, CIMB's credit metrics have remained intact since the last review of RAM Ratings on the financial services provider in May 2021.


As at noon, CIMB Group shares were trading down 6 sen or 1.16% at RM5.11 and a market capitalization of RM52.22 billion.


According to Bursa filings, the total issued shares of CIMB Group reported so far (October 28) amounted to around 10.22 billion.