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Announcement Details
Sukuk Perumahan Kerajaan
12/07/2012

Bank Negara Malaysia wishes to announce the issuance of Sukuk Perumahan Kerajaan (SPK) by the Government of Malaysia under the Housing Loan Fund Act 1971. The purpose of the issuance is to refinance funding for housing loans to Government servants and to extend new Government housing loans.

 

Funds are raised through sukuk instead of loans as done previously, consistent with the Government’s continuous support in developing the Malaysian sukuk market. Future issuances of SPK will depend on the funding requirements of the ‘Skim Pinjaman Perumahan Kerajaan’.

 

The Inaugural Issuance Details

                 

Sukuk Name

Sukuk Perumahan Kerajaan (SPK)

Issuer

Government of Malaysia

Issue Date

12 July 2012

Facility Agent

Bank Negara Malaysia

Sukuk structure

Commodity Murabahah

Profit payment

Semi-annual

Redemption

Redeemed at par upon maturity

Calculation basis

Act/Act

Tradability

Yes (Bay’ Al-Dayn)

Mode of Issuance

Private Placement  

Subscriber

Maybank Investment Bank

Standard lot

RM10 mil (similar to MGS and GII)

Tenure/Issued Amount/Maturity Date

Tenure

Issued Amount

Maturity Date

7-year

RM1.1 bil

12 July 2019

10-year

RM1.5 bil

12 July 2022

 

Regulatory Treatment

 

Similar to MGS and GII, Sukuk Perumahan Kerajaan is classified as RENTAS specified securities and will therefore adhere to all guidelines pertaining to it. Sukuk Perumahan Kerajaan has also been approved by BNM Shariah Advisory Council (SAC) and will be accorded with the following regulatory treatment:

 

(i)            0% risk weight under the Risk-Weighted Capital Adequacy Framework for conventional banks and the Capital Adequacy Framework for Islamic Banks;

(ii)          Class-1 liquefiable assets under the Liquidity framework, subject to a yield slippage of 2%;

(iii)         Eligible collateral for Standing Facility;

(iv)        Excluded from Single Customer Credit Limit;

(v)         0% risk charge under the Risk-Based Capital Framework for Insurers; and

(vi)        Holdings of SPK in the trading book can be deducted from the eligible liabilities base for the purpose of computing the SRR. For PDs, entire holdings of SPK can be deducted from the eligible liabilities base for SRR computation