The Malaysian sovereign’s successful launch of the world’s first Islamic global bond, amidst considerable political turbulence, demonstrates both the strength of the country’s credit and the sophistication of the sovereign as an issuer. The $600 million, five-year floating rate deal, for which HSBC was the sole bookrunner, pioneered an innovative structure that was designed to appeal to both mainstream and Islamic investors who are restricted by Sharia law which forbids the receipt or payment of interest.
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