The company said the issuance marks several significant milestones, including being the largest corporate and real estate sustainability sukuk in Asean, the biggest ringgit-denominated sukuk, and the largest AAA-rated corporate sukuk ever issued in Malaysia.
According to PNBMV, the sukuk attracted strong interest from more than 40 investors, achieving a 1.17 times bid-to-cover ratio. It was priced at profit rates between 3.64% and 4.11%, averaging 3.83%, which is lower than the cost of its unrated sukuk issued in 2017. The proceeds will be used to refinance the outstanding unrated sukuk and to support the continued development of the Merdeka 118 precinct.
PNBMV said the sukuk programme forms part of its wider funding diversification and long-term capital management strategy aimed at optimising the funding structure and financing costs for the overall Merdeka 118 development. The project is anchored by the 678.9-metre Menara Merdeka 118, the world’s second-tallest tower, and features a range of mixed-use components including premium offices, The View at 118 observation deck, Park Hyatt Kuala Lumpur, the 118 Mall, two Merdeka Residences towers and Oakwood Premier serviced residences. These elements are integrated within the four-acre Merdeka Boulevard at 118 park, forming a landmark destination in Kuala Lumpur.
CIMB and Maybank Investment Banks served as the joint principal advisers, arrangers and bookrunners for the sukuk issuance.