www.thejakartaglobe.com - Bank Muamalat Indonesia said its planned sale of Shariah-compliant bonds would probably be denominated in rupiah.
The nation’s oldest Islamic lender may issue Rp 800 billion ($87 billion) of securities, or as much as Rp 1.5 trillion if the issue is oversubscribed, Hendiarto, the bank’s Jakarta-based finance director, said on Thursday.
He said the lender preferred to issue bonds due in seven to 10 years, adding the bank will decide on the currency and duration of the debt after gauging investor interest in June. (source)
“We’re leaning towards issuing in rupiah,” said Hendiarto. “We’re considering whether our need for dollars is that urgent. Issuing dollar sukuk would be quite difficult because there is no rating instrument for Shariah-compliant bonds.”
The lender named Bahana Securities, Danareksa Sekuritas and Indo Premier Securities as arrangers for its planned offer, Andi Buchari, a Jakarta-based director, said last month.
Bank Muamalat Indonesia initially planned to sell $50 million of global sukuk last year but delayed the offer until the first half of 2012, Hendiarto said in December.
Bloomberg
Source: http://www.thejakartaglobe.com/business/bank-muamalats-sukuk-sale-might-be-in-rupiah/509630 - April 6, 2012
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