Maybank issues 1.5 bln ringgit sukuk

Maybank Islamic Bhd, a unit of Malaysia's Malayan Banking Bhd and the largest sharia bank in Southeast Asia, has raised 1.5 billion ringgit ($458.65 million) with its first Basel III-compliant Islamic bond.

The sukuk has a tenure of 10 years and was priced at 4.75 percent, the bank said in a statement on Tuesday. It was oversubscribed by 2.9 times and increased in size from an initial plan for one billion ringgit.

It is the first issuance under a 10 billion ringgit subordinated sukuk programme announced by the bank in March.