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IT WAS THE deal that got the whole market talking again. Petronas, the Malaysian state oil company that accounts for more than 35% of the country’s GDP, issued a $4.5 billion combined Islamic and conventional bond deal in August that attracted staggering interest, widened after pricing, and left market participants sharply divided over the way it had been handled. The deal, which priced on August 5, consisted of a $3 billion 10-year tranche paying 162.5
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