STATE-controlled Malaysian transport firm Syarikat Prasarana Negara Berhad said today its RM2 billion Islamic bond issue was more than 3 times oversubscribed, with an order book of RM6.6 billion.

The final order book represents a subscription of 5.3 times for the 15-year tranche and 2.7 times for the 20-year tranche, Prasarana said in a statement.

The issuance has a semi-annual profit rate of 4.85 per cent per annum for the RM500 million 15 year-tranche and 5.07 per cent for the 20-year RM1.5 billion tranche, it said.

The Islamic bonds, or sukuk, were priced towards the tighter end of initial price guidance, the company said. Investors who bought the paper include insurance companies, fund managers and financial institutions. - Reuters