Wednesday, August 04, 2010

Azman's dungu: Float Sukuk Bond in Singapore in Sing Dollar...

Whether you like it or not, Malaysia has to move into the services sector. The services sector is one area which is competitive and we are supposed to find our niche and develop from there.

It have been discussed repeatedly at Forums, Seminars etc that Islamic Banking is one area we have a competitive advantage and is a strategic sector.

It is simply we are ahead from the rest. Malaysia started earlier in Islamic banking, the country has the know how and most of the knowledgable people are here in Kuala Lumpur.

Knowing that and Voila what have our Khazanah people done!

Read this news:

Khazanah issues single largest sukuk of S$1.5bil

PETALING JAYA: Khazanah Nasional Bhd has issued a 5-year and a 10-year sukuk for S$1.5bil (RM3.6bil) – its single largest sukuk issuance to-date.

In a late statement issued yesterday night, the country’ sovereign wealth fund said the Khazanah Singapore dollar sukuk, issued at nominal value, was priced through an accelerated book building process on Aug 3 and at the tightest end of the price guidance at 2.615% and 3.725% for the 5-year and 10-year sukuk, respectively.

The issuance is also the largest and longest termed sukuk issuance in Singapore, the largest Singapore dollar issuance by a foreign issuer in Singapore and the first Singapore dollar sukuk issuance out of the Malaysia International Islamic Financial Centre (MIFC) initiative, it said.

According to the statement, the transaction drew a demand of 4.3 times book size, enabling Khazanah to upsize the transaction from the initial offer size of S$1bil to S$1.5bil.

The deal attracted a diverse group of 78 local and international investors comprising financial institutions, asset management firms, statutory bodies and insurance companies from Singapore, Malaysia, Hong Kong, Brunei and Europe, it said.

This issue via a Malaysian-incorporated special purpose vehicle, Danga Capital Bhd, encompass a S$600mil 5-year sukuk and a S$900mil 10-year sukuk which was launched on an initial offer size of S$1bil with a “green shoe option” (an option to upsize).

Tan Sri Dr Zeti Akhtar Aziz, governor of Bank Negara and chairman of MIFC executive committee, said via the statement: “This is a further step forward for our MIFC initiative to evolve Malaysia into a multi- currency issuance platform for sukuk.”

The MIFC initiative promotes Malaysia as an Islamic finance global hub.

Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore, said: “This latest sukuk adds to the growing range of syariah-compliant financing in Singapore.

“We welcome regional participants to tap into our growing capital markets and to continue to add to the depth and diversity of markets in the region.”

Khazanah managing director Tan Sri Azman Mokhtar said: “We are very pleased that this transaction broadens further our active participation in international Islamic capital markets.

“The transaction was executed with speed, at a competitive price while the substantial over-subscription was particularly encouraging.”

CIMB, DBS and OCBC are the joint bookrunners for this offering.

The three are also the joint lead managers together with CIMB Islamic, the Islamic Bank of Asia and OCBC Al-Amin.

The co-managers are the Australia and New Zealand Banking Group Ltd, BNP Paribas, Malayan Banking Bhd and United Overseas Bank Ltd.

Source: The Star, August 4, 2010
Apa pasal lah bodoh sangat Khazanah Nasional?

Why must it be issued in Singapore? And this is the first one for Singapore, which means we are giving them the opportunity and chance to learn how to issue Sukuk?

Let see who gave statements other than the eagerly happy Singaporeans? Central Bank Governor, Tan Sri Zeti said:
"This is a further step forward for our MIFC initiative to evolve Malaysia into a multi- currency issuance platform for sukuk.

"The MIFC initiative promotes Malaysia as an Islamic finance global hub."
Promote Malaysia sure but who benefit from it. Khazanah managing director Tan Sri Azman Mokhtar said:
“We are very pleased that this transaction broadens further our active participation in international Islamic capital markets.

“The transaction was executed with speed, at a competitive price while the substantial over-subscription was particularly encouraging.”
These two are supposed to be smart people but how come those words doesn't sound intelligent? Can't they see we are giving away our proprietary knowledge and giving away our competitive advantage?

Becasue we are so baik hati, Singapore took all our smart people there to teach them about Islamic Bankibng. We must think we are smart and we are one ahead over Singapore. They are now competing with us la ... bodoh!

Now here we are happily proud to launch a Sukuk Baond in Singapore in Sing Dollar lagi. Isn't that a double wham foreign exchange exposure - USd/Ringgit side and USD/Sing side?

This is so basic.

Now why do Khazanah need to raise so much money. Maybe Khazanah do not wish to be known as depository for untaken up Bumi allocated IPO any more. Why then is the keeper of the national wealth borrowing money?

This is sending negative message.

Omigod ... who recomended all this? I bet there is a consultant somewhere.

And the consultant that choose the Consultant is Ethos Consulting. Ethos job is to bullshit and claim that it was discussed with Nazir and Najib. They paid millions for that.

Azman Mokhtar must have bought it hook line and sinker from that budak Cina Muaalaf for fear that it was really Najib who instructed. A typical happenings in the corridor of powers.

Why do even our smart people acting dumb these days?

During Tun Abdul Razak days, we did not have many graduate and so-called smart people from prestigous University but at least they think, try to do and develop things that last forever.

Those so-called smarts from Oxford and Cambridge are just theoretical misfits that are unable to do their own thiking, planning and implementation? Semua kasi Consultants.

The Vice Presidents and above will spend time sembang whole working day and run the bill at The Club at Mandarin. Sometimes they bring along their whole family.

It is heard Khazanah's entertainment runs into millions each month. The bill at Mandarin Club alone, I heard reached RM1 million.

Is it the new way generating creative new ideas?

Read OutSyed the Box here.

18 comments:

Pak Zawi said...

We are doomed if this is the way things are managed in this country. The leaderships must be sleeping.

Anonymous said...

Malaysians generally respect smart sounding people like Khazanah Nasional top honcho. This gentleman is not very well known outside a very small circle of people. He is handling the nation's sovereign fund and khazanah's financial activities is cloaked in secrecy. Once in a while the clueless Malaysian public gets some bits and pieces of its activities.

While the government ponders on how to widen its revenue through subsidy reduction ,Khazanah is reported to have lost billions through its failed investments.The poor fisherman and the kampung people will have their meager real income reduced thru less purchasing power. You will see more obese poor people as these people resorted to poor quality food.
I have grown old under the Barisan Nasional. I have seen changes in the political landscape. We used to have predictability although there were abuses. Now predictability is a thing of the past as the government plays politics in everything. Statesmanship is a thing of the past as the current crop of political leaders bersilat politik in order to hang on to power.

Back to Khazanah, there ought to be more transparency.Tell us more about these sovereign fund managers and what they do with the fund. If they do good, reward them otherwise kick them out.

Election is just around the corner and the current Barisan Nasional leaders are still grappling with issues that will swing voters preferences against them. Just as the Selangor and Penang government, the federal government will will have new faces and certainly not the one malaysia genre but hopefully productive and innovative malaysia. Will one malaysia put more food on the table ? What has this slogan got to do with the well being of the people ?

Like I mentioned earlier this country requires statesman not the "sulat khabar lama " mentality.How I wish the PM gets to be incisive.

BN has l less vote..

eddy said...

Sedih saya membaca posting ini Bro. Najib should not have renewed Azman's contract when it expired last time, what was he thinking and who the hell advised him. Tak ada patriotism spirit langsung kat khazanah ini sekarang, jgn cerita pasal Ethos tu lah mereka nak kenyang kan perut mereka sahja.

We should have Malaysian patriots working in Khazanah Nasional not just mercenaries from Oxford or Cambridge or what have you.

Khazanah Nasional Chairman and BOD should revisit the reason why it was formed, they have lost their way a wee bit.

George Choo said...

Voicey, the people in KHAZANAH all have very good qualifications but most of them are doing things for their own benefits at the RAKYAT EXPENSE. Just take a look at the takeover of Parkway Holdings.The way the Indian Singh bid for Parkway shows that Fortiss know Khazanah will "MATI=MATI" outbid them to take control of Parkway.When Khazanah BID S$3.78Fortiss just up the bid by 2 cents to S$3.80 even though they know Khazanah have more than 51% of Parkway at 3.78. Khazanah have no reason to bid for the remaining shares at 3.95. With the bid at 3.95 the SINGH from India cash out and laughing all the way to the bank. This shows that SOMEBODY FROM KHAZANAH IS IN COLLUSION WITH FORTISS BY FEEDING THEM INFORMATION THAT KHAZANAH MUST WIN THIS TAKEOVER BATTLE AT ALL COST.In return this person or persons is rewarded handsomely by Fortiss.That is why the govt of Malaysia is BANKRUPT.

paloibinmulau said...

ya masa tun razak melayu lebih cerdik sbb tu kita dapat memelayukan maybank dr org cina. last2 org cina tu pulak dpat mengsingapurakan standard chartered.

amatMok said...

Welll...if Azman is dungu, yang appoint dia is more dungu. and the guy who still retain him is the dungust of all!

Btw, apa kisah, bukan duit dia, belanja habis-habis lah. Esok lusa dah tak dapat chance macam ni lagi dah.

Guess what? the most dungus of all are the rakyat..taken for a ride left right and center, kena tipu siang malam pun still kata tak apa.

Azman tu Melayu kan? so kira okay lah..hidup melayu!!!!

donplaypuks® said...

Notice that the more experienced Maybank was sidelined in favour of CIMB?

Recently all petrocos were told to shift their banking to CIMB. What's the agenda and who's pushing the buttons?

dpp
we are all of 1 race, the Human Race

Anonymous said...

Apa aku nakcakap ni..

Kalian di kazanah dan yang seangkatan .... memang BABI

Anonymous said...

The entire Parkway/Pantai debacle easily cost Khazanah close to RM10 billion. This would be the next candidate similar to PKFZ !!!!

Anonymous said...

Well if you can earn that sort of filthy wealth wouldn't you be on the bandwagon? Muslims these worship Money more than anything. Mulut je cakap Allahuakbar!,ketuanan melayu,daulat tuanku,special rights blah blah blah. Nampal je duit...tiba-tiba lain cerita. Ada pengkhianat di kalangan Melayu. Singapura boleh ambil kesempatan sebab kita mudah terpedaya atau tamak dan makan rasuah. Tu yang saya kata, cakap je Islam tetapi pemikiran di tahap lebih rendah daripada kafir-kafir di negara sendiri. Cerminlah diri kita. Saya rasa tak lama lagi, pakar Islamic Banker kite orang akan berduyung-duyung ke Singapura mencari nafkah. Maklumlah negara tu bersih, selamat dan hargai talent.

Contoh? Mana Tan Sri Hassan Merican? Dia CEO bagus. Mana dia? Singapura. Sedih.

Naz

Anonymous said...

Bro

please list down all the khazanah's fumble from Day 01 @ since Dollah time.

And from there we can ask our MPs to get Najib to answer the whole thing.

Bila Najib sudah panas, you know what will happen to Khazanah.

flyer168 said...

Hello,

They are there to "do their Shadow Master's Biddings (guess who put them there?)...period!

Let us look at the Holistic picture, hopefully to understand what "Globalisation" is all about...

Including the "Global Ills" & our Nation’s Ills, created by the Global Elites with their "Ivy League Business Schools" including Tavistock Institute "Trained" Con-Sultans/Pawns/Perpetrators/Super Butlers in every nation including the US, UK, Europe, etc, etc, etc & also in Bolehland.... towards their NWO Agenda.

NEW!!! 2009 - THE ZEITGEIST MOVEMENT ORIENTATION PRESENTATION - http://www.youtube.com/watch?v=WnK5mBCFTMg&feature=related

Next to share this...

Tavistock Institute - http://hardtruth.navhost.com/tavistock.html

The Tavistock Institute, formed at Oxford University, London, ...

Phi Beta Kappa - http://www.illuminati-news.com/phi-beta-kappa-and-bavarian-illuminati.html

The Big Four most interesting are Bilderberg, Trilateral Commission, Council on Foreign Relations and The World Economic Forum (or Davos Group)

Organizations - IMF, WWF, World Bank, U.N., etc.

Let us find out just who controls BANK NEGARA? IMF, World Bank, Trilateral Commission?

AMBANK GROUP CHAIRMAN JOINS UNESCAP ADVISORY GROUP
August 05, 2010 -Thursday
http://mrem.bernama.com/viewsm.php?idm=4575

Malaysian Trilateral Commission Member...Tan Sri Azman Hashim

The CFR, Trilateral Commission, and the Bilderbergers have one objective — to create world government under the guise of a New World Order.

WHO IS THE Chairperson of BIS ASIA?

ZETI APPOINTED CHAIR OF BIS ASIAN CONSULTATIVE COUNCIL.
News wire article from: BERNAMA The Malaysian National News Agency September 30, 2008

"...Bank for International Settlements (BIS) as chair of the BIS Asian Consultative Council. Zeti's appointment is for a two-year term...Hong Kong provides the secretariat for the Asian Consultative Council. Zeti suceeds Yaga V. Reddy, ...

Secret summit of top bankers -
http://forum.prisonplanet.com/index.php?topic=158392.0

By George Lekakis and Fleur Leyden
Herald Sun
February 05, 2010

http://www.news.com.au/business/secret-summit-of-top-bankers/story-e6frfm1i-1225827289543

"...A key part of the two-day talkfest will be a special meeting of Asian central bankers chaired by the governor of the Central Bank of Malaysia, Zeti Akhtar Aziz..." Unquote.

Khazanah is run by UMNO/BNs & MoF II croonies, they are all either relatives, brothers,cousins, in-Laws, former ministers, excos, party members etc etc etc

MOF belongs to the Govt and Tax payers should have a say who gets to helm it, not UMNO.

Contd...Pt2

Anonymous said...

as a 30 year old fella, i'm bloody sad with the outcome of such deals by khazanah. wonder whats the future gonna be like for this country-? so bleak n dim!!

amat menyedihkan!

Anonymous said...

Najib in Slumberland, syndrome infected from previous Slumberjack.

Free for all now, looks like Bolehland may bankrupt even before 2019.

When the PM are sleeping or inaction, the country run on remote control, so long Petronas pump enough oil, it will sustain for the time being. That also depends on the speed and mangitude of these vultures raping the GLCs

flyer168 said...

...Pt2

Finally to share this...

Federal Reserve Money & Banking - Alan Greenspan's statements.
This will make you angry!!
http://www.youtube.com/watch?v=qTuTjE4J_7A&feature=related

July 12, 2008
Money controls everything...

“The Federal Reserve is an Agency, a Private Corporation...

There is "No" Agency of Government that can "Overrule Actions that We Take"...(or can tell "Us" what to do") - Alan Greenspan.

"I sincerely believe the Banking Institution having the Issuing Power of Money, are more Dangerous to Liberty than standing Armies." - Thomas Jefferson

"Politicians are predisposed not to see spending Other People’s Money as a problem, because spending Other People’s Money is what politicians do for a living.

If politicians thought there were something wrong with it, they would be in a different line of work.

If, by some epiphany, a politician were to realize that spending Other People’s Money is wrecking our health care sector, he would be loath to point it out.

Doing so would only encourage voters to question whether spending Other People’s Money causes problems everywhere else too." - Michael F. Cannon.

Now I hope all can see the "Timely" visit of LKY by "Invitation" from our Leaders in "Desperation" but LKY was "Smarter" to meet Tok Guru, etc including Mama...

The "one" that can change this nation's history...

THIS IS ANOTHER OF MANY, MANY, MANY, "Foregone Loss of our MANY PRECIOUS National Heritage" by our Incompetent Moronic Jaguh Kampungs.

If MAN does NOT WANT to WAKE-UP & NOT WANT to LEARN/ UNDERSTAND about Globalisation, etc to take “Corrective” Steps...

History will keep REPEATING itself & MAN will continue to be Sheeples aka Goyim!

Yes, we are the suckers that allowed the System to create our nation's ills as well, so please wake up & get out of the Bolehland mindset to see the bigger picture!
You be the judge.

Cheers.

Anonymous said...

Khazanah memang perasan lebih. semua kerja suruh consultant yang buat. kucing kurap kalau boleh bercakap pun boleh buat. Azman Mokhtar memang patut jadik lecturer sahaja, ajar le subject lukisan ka, or pendidikan jasmani. Dia baca text book sahaja boleh, kalau hendak move outsyedthebox memang confirm fail. Buat malu orang melayu sahaja. Gua memang setuju Voice tulih semua investment under Khazanah yang dah terlungkup, baru Najib pasas lubang jubur dia. Start with Silterra. Hang kata hang terra, pie dah...!

Sukuk Spotter said...

In deciding on where to list a sukuk, issuers have two key considerations - financial requirements and cost efficiency.

Khazanah presumably has a requirement for Sing dollars (the purchase of Parkway comes to mind) and it may make better sense and work out cheaper for Khazanah to raise funds directly in Sing dollars rather than in Ringgit or any other currency, and then do a currency swap.

I think this is actually the second tranche of sukuk issued by Khazanah, if I recall correctly, the first tranche that was issued some time back was in RM.

So if we put mindless patriotism aside and assess this from a business perspective, makes sense for the sukuk to be issued from Singapore.

Yes the Government and GLCs need to improve and fast...but let's not get paranoid and start seeing conspiracies lurking round every corner, less we get startled by our own shadow.

Realistically speaking, we will actually need to increase cooperation with our ASEAN neighbours to gain greater strength as a region, so that we can compete effectively against other regions or risk disappearing into the bog of insignificance.

As a Malaysian, I think it's time we stop petty arguments over turf and focus on how we can lift Malaysia out of the middle income quicksand we've been stuck in for the last decade.

Anonymous said...

I suspect azman is bought by money or in kind.

Cambridge educated should present him as reasonably

clever. So why did he make an irrational decision?


He is bought by them over the causeway by giving him

whatever that he desired money, women whatever


Them over there are strict with their people if they are corrupted.

Q is: Is there anything to stop them from giving presents

to our decison makers to persuade them to be paly paly with them?

Are we not reminded of the maybank boss, amir'dump'sham who overpaid

them manifold for a bank in iondonesia when the economy is declining?

Are all these melayus on the take?

Possible. otherwise why the silly and bad decisions that waste good money

of the country.


Macc ought to get clarification at least from these mealyus who made such money loosing

decisions.


notoktok

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