Malaysia's support for wealth fund debt questioned
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Singapore
INVESTORS are questioning Malaysia's support for dollar-denominated bonds issued by its sovereign wealth fund after a government official said it doesn't guarantee the debt.
Deputy Finance Minister Ahmad Maslan said on Nov 6 the government had only guaranteed sukuk, or bonds that comply with Islamic law, issued by 1Malaysia Development Bhd. The fund came under scrutiny in parliament last year after Goldman Sachs Group was hired to oversee the sale of US$6.5 billion of conventional dollar notes. Its 2023 bonds have dropped to 98.5 cents on the dollar from 99.5 the day before the remarks, prices compiled by Bloomberg show.
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