null SME Bank’s maiden sustainability sukuk registered final order of RM1.78 billion
SME Bank’s maiden sustainability sukuk registered final order of RM1.78 billion
26 Jul 2021 | Monday Source: SME Bank
SME Bank, an agency under the Ministry of Entrepreneur Development and Cooperatives (MEDAC), in its maiden Sustainability Sukuk Wakalah Programmes received a positive response in their book building exercise when it registered a final order of RM1.78 billion which translates to 3.56 times bid-to-cover (BTC) from the target issuance of RM500 million on 21 July 2021.
Aria Putera Ismail, SME Bank’s Group President/Chief Executive Officer said, “Taking into account of the challenging market situation, the Bank managed to price the issuance at a very competitive profit rate of 3.10%. Interestingly, this Sustainability Sukuk has received an overwhelming demand not only from domestic institutional investors, but also from foreign asset managers. The investors’ profile is quite diversified and well supported by financial institutions, fund management companies, insurance companies and government linked companies. This high demand is also driven by awareness movements within and outside the country that continue to support a balanced and sustainable development; which is the main focus of the SME Bank Sustainability Sukuk.”