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The issuance will be in tranches of RM200 million raised under the 3 years notes with annualised return of 4.30 percent and RM300 million under the 5 years term notes with annualised return of 4.45 percent.
Bank Rakyat Managing Director, Datuk Mustafha Abd. Razak said the sukuk issuance will provide the bank with a more diversified and stable medium and long term funding and allow Bank Rakyat to achieve a stronger and more resilient balance sheet.
“The fund raised from this exercise will be utilised for the Bank’s working capital and general corporate purposes”.
“Our robust performance and sound financial profile will bode well with investors,” he added.
Last year, Bank Rakyat’s maiden RM1 billion issuance of Islamic medium-term notes was oversubscribed by 2.05 times. It was the country first sukuk issuance by a cooperative bank on a stand alone basis.
Maybank Investment Bank Berhad and CIMB Investment Bank Berhad have been appointed as the joint lead arrangers and joint lead managers for this RM500 million issuance exercise.
Bank Rakyat is the biggest Islamic cooperative bank in Malaysia with assets totaling RM83.8 billion as at September 31, 2013. For the 9-month of 2013, the bank recorded a profit before tax and zakat of RM1.63 billion.
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