MALAYSIA: State-owned SME Bank established a RM3 billion (US$950.61 million) government-guaranteed Islamic medium-term notes (IMTN) program, with a tenor of up to 20 years.
The first tranche is expected to be issued in the fourth week of July 2012, comprising a RM500 million (US$158.59 million) tranche with tenors ranging from seven to 10 years.
The Wakalah-structured program was tailored with the GCC in mind, as the bank is hopeful that it will be able to entice GCC-based investors with the offering.
The program, which forms part of the government’s SME masterplan aimed at developing the country’s SME sector, also marks SME Bank’s maiden foray into the Malaysian Islamic capital market.
“The establishment of the IMTN program represents a significant growth for SME Bank towards its mission to be a development financial institution that nurtures the small and medium-sized enterprises which form the backbone of the nation’s economy,” said Mohd Mohd Radzif Mohd Yunus, its managing director.
The proceeds will be used towards SME Bank’s working capital requirements.
AmInvestment Bank, Kuwait Finance House (Malaysia) and Maybank Investment Bank are the joint lead managers for the transaction. KFH Malaysia is also lead Shariah advisor for the deal.
See: http://redmoney.newsweaver.co.uk/ctkzw4w7blzh38rwoni3wx?email=true&a=6&p=26003894&t=21690384
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