$205m raised from sukuk by HSBC unit

27/03/2015 07:32 AST

The Malaysian Islamic banking arm of HSBC Holdings has raised 750 million ringgit ($205m) from the sale of five-year Islamic bonds (sukuk) at a yield of 4.24 per cent, IFR reported yesterday.

The sale is the third tranche of the lender's overall three billion ringgit sukuk programme, sold using an agency-based structure known as 'wakala'.

The size of the deal is larger than an initial target of 500m ringgit stated in a term sheet seen by Reuters earlier.

HSBC Amanah Malaysia pulled in strong demand, with the final book exceeding 1.38bn ringgit at a bid-to-cover ratio of 1.84 times, according to IFR. HSBC Amanah didn't immediately respond to requests for comment.

Final pricing came at the low end of guidance, which started at 4.22-4.28pc. As orders poured in, the guidance was tightened to 4.22-4.25pc within a few hours after books were opened, the publication added.

HSBC Amanah hired HSBC as lead arranger with Hong Leong Islamic Bank and Maybank Investment Bank as joint lead managers for the sale, the term sheet said.


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