The Public Bank sukuk programme was disclosed in a Bursa Malaysia filing on Wednesday (Nov 4). The country’s third-largest bank by total assets said the programme lets it issue Islamic medium-term notes from time to time.
What Is in the Public Bank Sukuk Programme?
- Size: RM20 billion
- Structure: Islamic medium-term notes (sukuk murabahah)
- Issuance: senior and subordinated sukuk, from time to time
- Tenure: 30 years from the date of the first sukuk issuance
The documents were lodged with the Securities Commission Malaysia (SC) through the bank’s wholly owned subsidiary, Public Investment Bank Bhd.
What Ratings Did RAM Assign to Public Bank’s Sukuk?
RAM Rating Services Bhd assigned preliminary long-term ratings of AAA to the senior sukuk and AA1 to the subordinated sukuk.
Subordinated sukuk typically rank below senior sukuk in repayment priority, which is why they carry the lower rating.
Who Is Arranging the Public Bank Sukuk Issuance?
Public Investment Bank has been appointed as principal adviser, lead arranger and lead manager for the programme.
How Big Is the RM20bil Programme Against Public Bank’s Market Value?
At Wednesday’s close, Public Bank shares fell 4 sen or 0.83% to RM4.77, valuing the group at RM92.6 billion.
The RM20 billion limit equals about 21.6% of that market value. It is an issuance ceiling, not a fixed raise, so the sukuk actually issued will show how much funding the bank uses.
Key Takeaways
- Public Bank set up a RM20 billion sukuk murabahah programme with a 30-year tenure.
- The programme allows senior and subordinated sukuk issuance from time to time.
- RAM assigned preliminary ratings of AAA (senior) and AA1 (subordinated).
- Public Investment Bank is principal adviser, lead arranger and lead manager.
- Shares closed at RM4.77, down 4 sen or 0.83%, with a RM92.6 billion valuation.
This article is for information only and is not investment advice. Do your own research before making any decision about Bursa Malaysia stocks.
Frequently Asked Questions
What is Public Bank’s RM20 billion sukuk programme?
It is an Islamic medium-term notes (sukuk murabahah) programme that lets Public Bank issue senior and subordinated sukuk from time to time. The programme has a tenure of 30 years from the date of the first sukuk issuance.
What ratings did RAM give Public Bank’s sukuk?
RAM Rating Services assigned preliminary long-term ratings of AAA to the senior sukuk and AA1 to the subordinated sukuk. These are preliminary ratings under the programme filed with the Securities Commission Malaysia.
Who arranged the Public Bank sukuk programme?
Public Investment Bank Bhd, the bank’s wholly owned subsidiary, is principal adviser, lead arranger and lead manager. The documents were lodged with the Securities Commission Malaysia through that subsidiary.
What was Public Bank’s share price after the sukuk news?
Public Bank shares closed down 4 sen or 0.83% at RM4.77 on the Wednesday of the filing. At that price the group was valued at RM92.6 billion.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
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