Bank Rakyat issued RM500 million worth of Islamic Medium Term Financial Notes (IMTN) dubbed Sukuk Wakalah through a special purpose company (SPV) namely Imtiaz Sukuk II Berhad.
This issue was carried out through the pricing process on 27 October 2022 under the Senior Wakalah Sukuk Program of up to RM10 billion which was rated AA2 by RAM Rating Services Berhad.
Bank Rakyat, in a statement, said that the issuance was made in three parts, namely RM200 million for a period of three years, RM200 million for a period of five years and RM100 million for a period of seven years.
It also managed to gather favourable demand for Senior Wakalah Sukuk with a bid of 2.58 times of the actual amount issued.
“The proceeds collected from the issuance of Senior Wakalah Sukuk will be utilised by Bank Rakyat for Shariah compliant purposes including working capital requirements, capital expenditure, general investment, providing financing and general corporate purposes,” he said.
Bank Muamalat Malaysia Berhad, CIMB Investment Bank Berhad, Maybank Investment Bank Berhad and RHB Investment Bank Berhad have been appointed as joint lead managers for the issuance of the program.
