Axiata prices world's first rated RMB sukuk

Axiata has priced its inaugural issuance of a two-year RMB1.0 billion sukuk via its wholly-owned Malaysian incorporated special purpose vehicle, Axiata SPV2 Bhd.

It is the world's first rated RMB sukuk and was over-subscribed by more than RMB3.5 billion orders.

The sukuk issuance is under Axiata's Multi-Currency Sukuk Programme, with an aggregate nominal value of up to US$1.5 billion or its equivalent in other currencies.

The sukuk programme was established on July 17, 2012.

The sukuk issuance has been assigned a rating of BBB- and Baa2 by Standard & Poor's Ratings Services and Moody's Investors Service Inc, respectively, and is structured based on the Shari'a principle of Wakala.

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