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Wednesday March 28, 2012

Pembinaan BLT sukuk to yeild 3.55%-4.55%

KUALA LUMPUR: Pembinaan BLT Sdn, a construction company owned by the Finance Ministry, is marketing RM1.35bil of Islamic bonds to yield between 3.55% and 4.45%, according to two people familiar with the matter.

The sukuk, which paid returns on assets to comply with Islam’s ban on interest, would have maturities of three, five, seven, 10, 12 and 15 years, said the people who declined to be named because the information is private. Pembinaan is issuing the syariah-compliant debt via its Aman Sukuk Bhd unit.

The company was seeking to price the three-year paper to yield 3.55% to 3.65% and the 15-year notes to yield 4.3% to 4.45%, the people said.

Orders for the securities opened on Monday and would be closing yesterday, with an option to increase the offering, they said.

The sale is part of a RM10bil medium-term note programme. Pembinaan sold RM1.1bil of syariah-compliant bonds with maturities ranging from five to 12 years in January last year and RM1.2bil in October to raise funds to build police facilities and repay debt. The company’s bonds are rated AAA, the top investment-grade, by Malaysian Rating Corp. — Bloomberg

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