IslamicFinance.de

Axiata Group Bhd’s 10-year US$500mil Sukuk received strong response with a final book of over US$900mil orders. The telco company said this was a bid-to-cover ratio of over 1.8 times, and a final yield of 4.357%. The bookbuilding exercise commenced with an initial price guidance of US Treasuries (“UST”) + 2.60% area. Demand for the Sukuk issuance led to a final price guidance of UST + 2.45% area ± 0.05% at Asian close/London mid with books in excess of US$1.4bil. The Sukuk would be issued by its Malaysian-incorporated special purpose vehicle, Axiata SPV2 Bhd. Proceeds of the Sukuk Issuance will be utilised to fund the proposed acquisition of Ncell Pvt. Ltd.