Malaysia's PNB launches second $300M exchangeable sukuk
What's the deal? Permodalan Nasional Bhd (PNB)Dealroom has a profile for this one. Try Dealroom →, one of Malaysia's largest fund management companies, has launched its second US$300 million (RM1.22 billion) secured exchangeable sukuk. Proceeds will fund investments in US dollar-denominated global sukuk assets.
Why now? The offering follows PNB's inaugural US$300 million secured exchangeable sukuk in January 2026. It lets PNB raise foreign currency without selling its domestic equity holdings.
The details: The sukuk will be exchangeable into ordinary shares of SD Guthrie BhdDealroom has a profile for this one. Try Dealroom →, Malaysia's largest integrated palm oil producer. It carries a five-year tenor, with an investor put option at the end of year three.
The instrument priced at a profit rate of 1.50% and an exchange premium of 10.0%, drawing interest from equity-linked investors across Asia and Europe. Security comprises the underlying shares and the US dollar-denominated global sukuk assets.
What's the endgame? PNB wants to diversify its returns across geographies and asset classes. "Ensuring its returns are supported by multiple sources rather than dependent on a single market," president and group chief executive Datuk Rizal Rickman Ramli said.
The offering runs through Mekar Capital II LtdDealroom has a profile for this one. Try Dealroom →, a Labuan-incorporated special purpose vehicle, with Mekar Capital I Ltd as obligor. Maybank Islamic BhdDealroom has a profile for this one. Try Dealroom → is the syariah adviser.
The signal: PNB expects the deal to deepen the market for Malaysian-linked exchangeable instruments, "reinforcing Malaysia's position as a global leader in Shariah-compliant financing," it said.
Read more: thesun.my
Image credit: Lexe-I
