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.