Thursday 20 Jun 2024
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KUALA LUMPUR (June 26):  Johor Corp (JCorp) has priced its RM1.5 billion offering on June 23, 2023, pursuant to the inaugural Islamic Medium Term Notes Programme of up to RM2 billion in nominal value based on the shariah principle of Wakalah Bi Al-Istithmar, and guaranteed by the Johor state government.

In a statement on Monday (June 26), JCorp said the issuance benefits from an unconditional and irrevocable guarantee by the state government for the full nominal amount of RM2 billion and any profits accrued therein.

It said the issuance has garnered overwhelming interest from fixed-income investors with a bid-to-cover ratio of close to five times.

JCorp said such strong investor demand led to an upsize of the issue size from the initial RM1.3 billion to RM1.5 billion with a price tightening of 15 basis points (bps) across the 7-year, 10-year and 15-year sukuk offerings, with profit rates of 4.45%, 4.54% and 4.80%, respectively.

Maybank Investment Bank Bhd is the principal adviser, while Affin Hwang Investment Bank Bhd and Maybank Investment are the joint lead arrangers.

In addition, the joint lead managers are Affin Hwang Investment Bank Bhd, AmInvestment Bank Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd.

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