KUALA LUMPUR (Sept 04): Khazanah Nasional Bhd has today priced a benchmark US$500 million (RM1.59 billion) exchangeable sukuk to be issued via its Labuan incorporated independent special purpose company, Cahaya Capital Ltd.
The sukuk is exchangeable into ordinary shares of Tenaga Nasional Bhd (TNB).
The exchangeable sukuk, priced through an accelerated book-building process at -0.05% yield to maturity with 15% exchange premium, is the first seven-year put 4 exchangeable sukuk priced at a negative yield, said Khazanah in a statement, adding that the transaction drew a demand of 1.6x book size.