Khazanah exchangeable bond raises S$600m

The sharia-compliant bonds are exchangeable into IHH shares and priced with a negative yield following strong demand from conventional investors.
IHH Healthcare is a low-volatility stock.
IHH Healthcare is a low-volatility stock.

About six months after it was mandated, Malaysian investment company Khazanah Nasional finally hit the market with its fifth exchangeable Islamic bond on Thursday. The deal was slightly smaller than initially talked about, but proved a huge success with investors, confirming once again the huge investor appetite for deals backed by strong credits.

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