KUALA LUMPUR (Nov 17): Bank Rakyat has issued RM600 million in Islamic Medium-Term Notes (IMTN) Sukuk Wakalah through its special purpose vehicle, Imtiaz Sukuk II Bhd. In a statement on Monday, the bank said the sukuk issuance was completed via a book-building process on Nov 6 under its Senior Sukuk Wakalah Programme, which has a total aggregate limit of up to RM10 billion. The programme carries an AA2 rating from RAM Rating Services Bhd.
The issuance was structured in two tranches: a RM400 million three-year tranche and a RM200 million five-year tranche. Bank Rakyat noted that the sukuk attracted solid investor interest, achieving a final bid-to-cover ratio of 3.55 times the final issue size, reflecting strong demand in the market.
According to the bank, proceeds raised from the Senior Sukuk Wakalah will be used for shariah-compliant purposes. These include working capital requirements, capital expenditure, general investments, the provision of financing, and other general corporate needs.
Bank Muamalat Malaysia Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd were appointed as joint lead managers for the Sukuk Wakalah Programme, supporting the successful completion of the issuance.