MISC Bhd, the world’s biggest owner of liquefied natural gas tankers, priced RM1 billion (US$285 million) of Islamic bonds at the bottom of its projected range, according to a person involved in the sale.
The Kuala Lumpur-based company priced RM400 million of one-year sukuk to yield 2.57 per cent, RM300 million of two-year bonds at 3.08 per cent and RM300 million of three-year notes at 3.48 per cent, said the person, who declined to be identified because the information isn’t public.
MISC, founded in 1968, told investors it may pay between 2.57 per cent and 2.62 per cent for the one-year notes, as much as 3.13 per cent for the two-year notes and as much as 3.53 per cent for the three-year bonds, a person said last week.
MISC, a unit of Malaysian state oil company Petroliam Nasional Bhd, is raising funds for capital spending. Petroliam Nasional, or Petronas, raised US$4.5 billion last month selling Islamic and conventional bonds in the biggest dollar issue by an Asian company outside of Japan this year.
CIMB Investment Bank Bhd and HSBC Bank Malaysia Bhd are managing MISC’s sale, the person said.
Sukuk are typically asset-based securities and pay a profit rate to investors instead of interest, which is banned by Muslim Shariah law. - Bloomberg
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