Khazanah May Issue the First Yuan-Denominated Islamic Bonds

Khazanah Nasional Berhad, the Malaysian sovereign wealth fund, is planning to raise capital by issuing the world’s first yuan-denominated Islamic bonds, a blend of Chinese currency and Islamic financial structure. The raise amount is targeted at 500 million yuan (US$ 78.2 million), which is a small amount; however, we believe Khazanah and other Islamic financiers are testing the waters to Chinese investors. The sale of the Sukuk will likely be in Hong Kong, hence the yuan denomination. Hong Kong has a very successful Dim Sum market and is beginning to take market share away from London and New York in terms of debt raises.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]



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