The yield on Petronas’s 4.25 percent notes maturing in 2014 fell as much as five basis points to 3.07 percent today, the lowest level since the bonds were sold in August 2009, prices from Royal Bank of Scotland Group Plc show. They returned 6 percent this year, 1.7 percent in July and 1.4 percent in June.

DBS Asset Management Ltd. of Singapore, Fidelity Investments in Boston, and Frankfurt-based Union Investment, which don’t specialize in Islamic debt and aren’t bound by the religion’s ban on interest, are snapping up bonds of Malaysia’s biggest oil company, Bloomberg data show. The funds profited as Asia led the world out of recession, narrowing premiums demanded to hold both sukuk and emerging-market debt.

“Demand for Asian sukuk is quite strong as economies in Asia are recovering quite well,” Desmond Soon, who helps oversee $21 billion as a fund manager at DBS Asset in Singapore, a unit of Southeast Asia’s biggest bank, said in an interview yesterday. “In order for emerging markets to pay you a high coupon, the country has to have some economic growth.”

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