Bank Rakyat issues RM1.5b senior sukuk wakalah

Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) has issued a RM1.5 billion Islamic medium-term notes (IMTN) sukuk wakalah via special purpose vehicle Imtiaz Sukuk II Bhd.

In a statement, the bank said the issuance was made through the book-building process on April 21 under the sukuk wakalah programme of up to RM10 billion, which had been assigned a rating of AA2 by RAM Rating Services Bhd.

It said the issuance will be made in two tranches, comprising RM700 million for a five-year tenure sukuk and RM800 million for a seven-year tenure sukuk to be issued on May 12.

“The proceeds from the sukuk wakalah issued shall be utilised for syariah-compliant purposes, which include working capital requirements, capital expenditure, general investments, providing financing and other general corporate purposes,” it said.

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