Kuala lumpur: Permodalan Nasional Bhd (PNB) has launched its second US$300 million secured exchangeable sukuk to optimise its portfolio through innovative capital market solutions. It offered its inaugural US$300 million secured exchangeable sukuk in January 2026. According to BERNAMA News Agency, PNB, one of Malaysia's largest fund management companies, stated that the proceeds from the second offering will be utilised for investments in US dollar-denominated global sukuk assets. "The transaction enables PNB to retain its sizeable domestic public equity holdings while adopting an innovative approach to raise foreign currency proceeds for investment in US dollar-denominated global sukuk assets, thereby enhancing portfolio diversification and capital efficiency," it said in a statement today. PNB explained that the exchangeable sukuk will be exchangeable into ordinary shares of SD Guthrie Bhd, Malaysia's largest integrated palm oil producer and a global leader in sustainable palm oil. "The sukuk will have a tenor of five years, with an investor put option exercisable at the end of year three," PNB added, noting that the credit quality of the sukuk will be supported by security arrangements in favour of its holders, comprising the underlying shares and the US$-denominated global sukuk assets. The launch has garnered positive interest from equity-linked investors across Asia and Europe, enabling issuance at an attractive profit rate of 1.50 percent and an exchange premium of 10.0 percent. "This offering is expected to further deepen the market for Malaysian-linked exchangeable instruments and support the continued development of both domestic and international sukuk markets, reinforcing Malaysia's position as a global leader in Shariah-compliant financing," PNB stated. The offering will be undertaken via Mekar Capital II Ltd, a Labuan-incorporated special purpose vehicle acting as the issuer, with Mekar Capital I Ltd acting as the obligor. BNP Paribas, JP Morgan, and Malayan Banking Bhd (Maybank) are serving as joint bookrunners and joint lead managers for the transaction, while Maybank Islamic Bhd is the Shariah adviser. PNB president and group chief executive Datuk Rizal Rickman Ramli emphasized that while maintaining its domestic investments, the fund manager will continue to broaden its investment portfolio across geographies and asset classes, including global sukuk, ensuring its returns are supported by multiple sources rather than dependent on a single market.
PNB Launches Second US$300 Million Secured Exchangeable Sukuk to Enhance Portfolio
Recent News
NRES Explores Blacklist for Repeat E-Waste Offenders
October 16, 2026
Government’s Free Medicines By Post Initiative Praised by Public
October 16, 2026
Prime Minister Anwar Backs Islamic Scholarship Initiatives
October 16, 2026
Ringgit Strengthens Against US Dollar Amid Strong Economic Growth
October 16, 2026
RM2,000 Minimum Wage Announced for 2027 After Careful Deliberation
October 16, 2026
Court of Appeal Reserves Decision on Papagomo’s Contempt Appeal
October 16, 2026
Suspected Migrant Smuggling Operation Foiled Near Kuala Perlis
October 16, 2026
PeKa B40 Rebranded as PeKa Sihat to Enhance Healthcare Delivery
October 16, 2026
Tabung Haji Assures Depositors of Account and Data Security
October 16, 2026