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| Labuan IBFC Chosen For Landmark Petronas Bond/Sukuk Issue |
by Mary Swire, LawAndTaxNews.com, Hong Kong
Tuesday, August 18, 2009
Petronas has issued a landmark dual-tranche USD4.5bn bond/sukuk, domiciled
in Labuan and managed by Bank Negara Malaysia.
The Malaysian national oil company’s issue consists of a USD3bn 10-year
fixed-interest USD bond and USD1.5bn five-year sukuk (sharia-compliant
bonds). Foreign-currency issues
out of the Labuan International Business and Financial Centre (LIBFC) have now
been named “Emas”, in an attempt to provide added exposure for the
LIBFC and Malaysia as a means of attracting funds.
It was announced that the Petronas issue was very successful, having generated
interest from a wide investor base and being five times oversubscribed. The
sukuk was sold mainly to investors in Asia and Europe, while the USD bond was
also sold in the US. The issue is expected to be listed on the Labuan International
Financial Exchange and the Bursa Malaysia, and also on the Luxembourg Stock
Exchange.
It was hoped that the issue’s success would show that Malaysia could be utilized
not only for the origination of domestic ringgit bonds and sukuk, but also for
foreign-currency denominated bonds and sukuk. The issuance of sukuk is becoming of increasing importance worldwide.
The larger goals are now said to be to offer a wider range of services in the
LIBFC through an amended Labuan Financial Services Authority Act, and to become
an Islamic financial centre through a Labuan Islamic Financial Services and
Securities Act. Both laws are currently before parliament.
A comprehensive report in our Intelligence Report series
giving a country-by-country analysis of offshore investment funds, stock exchanges
and trusts, with an analysis of the US QI regime, is available in the Lowtax
Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report9.asp
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