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Asian dollar sukuk sales poised to set records

Petronas may sell as much as US$7b; M'sia, Cagamas and Export Import Bank also said to be planning offerings

Published Tue, Feb 17, 2015 · 09:50 PM
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Kuala Lumpur

ASIA is set for the busiest year for dollar sukuk sales in at least five years as Malaysia's state oil company plans a record offering and Indonesia's government seeks to beat rising US borrowing costs.

Petroliam Nasional may sell as much as US$7 billion of Islamic notes, the biggest ever foreign currency sukuk, which will take the amount outstanding from Asia to US$19 billion, compared with US$76 billion worldwide. Malaysia, Cagamas Bhd and Export Import Bank of Malaysia also plan offerings this year, after a combined US$4.3 billion from the region in 2014 that was the largest in Bloomberg-compiled data going back to 2010.

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