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Khazanah defiant in the face of EB struggles
It was second time lucky for Khazanah Nasional this week, as the Malaysian sovereign wealth fund managed to complete a $500m exchangeable sukuk on Wednesday after pulling the same transaction just three months ago. Moving away from a very aggressive stance to slightly more investor-friendly terms helped get the transaction across the line, but it was an uphill battle all the way, writes Rashmi Kumar.
Khazanah's previous attempt in June saw a zero coupon deal marketed at a yield of zero to minus 0.25%. The conversion premium was pitched at 10%-20% over the June 4 closing price of the underlying stock — power company Tenaga Nasional.
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