Deals
Malaysia’s Sarawak Hidro Said to Plan $1.3 Billion Sukuk Sale
- Government-owned company starts AAA-rated Islamic bond program
- Power generator last sold state-guaranteed notes in 2013
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Sarawak Hidro Sdn., the state-owned developer of Malaysia’s biggest hydropower project, plans to offer 5.5 billion ringgit ($1.3 billion) of sukuk without a government guarantee, people with knowledge of the matter said.
Sarawak Hidro, owned by Malaysia’s Ministry of Finance, aims to sell the Islamic bonds in July and will use the proceeds to refinance existing debt, according to the people. The sukuk program has a preliminary AAA score from local assessor RAM Rating Services Bhd., the people said, asking not to be identified as the information is private.