World Bank to Issue First Ringgit Islamic Bonds
The International Bank for Reconstruction and Development, also known as the World Bank, has priced its RM760m Islamic debt securities. This bond issue is the World Bank’s first Islamic debt issue, and is the largest Malaysian ringgit issuance by a supranational organization to date. The bonds, structured under the Shariah principle of Bai Bithaman Ajil, will be known as the World Bank Wawasan bonds. The securities have received indicative credit ratings of AAA by Standard & Poor’s and Aaa by Moody’s Investors Service. The joint lead managers for this transaction are ABN Amro and Commerce International Merchant Bankers Berhad.