May 20 (Bloomberg) -- Terengganu Investment Authority Bhd., the first wealth fund set up by a Malaysian state, will sell 30- year Islamic bonds and may issue securities backed by oil royalties to raise a combined 11 billion ringgit ($3.1 billion). Terengganu Investment Authority will price 5 billion ringgit of Islamic bonds next week, officials at the fund said in an interview today. The bonds will be guaranteed by the Malaysian government, whose debt is rated A3 by Moodyâs Investors Service, the seventh-highest investment grade. The fund âwonât be rushing out to make risky investmentsâ even as it seeks returns that are higher than its borrowing cost, Chief Executive Officer Shahrol Halmi, 38, said in a telephone interview from Kuala Lumpur. It is targeting annual returns of at least 15 percent, he added. âWe have a very long-term view in terms of managing our capital.â
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