IslamicFinance.de

Asia is set for the busiest year for dollar sukuk sales in at least five years as Malaysia’s state oil company plans a record offering and Indonesia’s government seeks to beat rising US borrowing costs. Malaysia’s Petroliam Nasional may sell as much as $7 billion of Islamic notes while Cagamas and Export Import Bank of Malaysia have also planned offerings for this year. Meanwhile, Indonesia is seeking to return to the fold in the first half of this year. The average yield on US currency sukuk has dropped 13 basis points to 2.92 percent this year. The planned sales by Petronas, Malaysia and Indonesia will be positive as they will help ease the shortage of sukuk.