June 2, 2014 at 2:10pm
Etiqa Takaful Berhad (“Etiqa Takaful”), the Takaful arm of the Maybank Group, today successfully issued its maiden Subordinated Sukuk Musharakah of RM300.0 million in nominal value (“Subordinated Sukuk Musharakah”). Maybank Investment Bank Berhad was the Principal Adviser/Lead Arranger and Lead Manager for the Subordinated Sukuk Musharakah.
The Subordinated Sukuk Musharakah is rated AA1 by RAM Rating Services Berhad and has a tenure of 10 years on a 10 non-callable 5 basis and a call option which allows Etiqa Takaful to redeem the Subordinated Sukuk Musharakah (in whole or in part) on any periodic profit payment date after a minimum period of 5 years from the issue date. Despite the challenging market conditions, the Subordinated Sukuk Musharakah had received encouraging response from investors resulting in an oversubscription of 1.75 times.
The Subordinated Sukuk Musharakah will qualify as Tier-2 Capital of Etiqa Takaful, subject to compliance with the requirements as specified in the Risk-Based Capital Framework for Takaful Operators issued by Bank Negara Malaysia for purposes of capital adequacy regulation.
0 comments:
Post a Comment