Indonesia’s Adira Picks Malaysia for Sukuk Sale on Cheaper B
Bareksa • 03 Jul 2014
A man is silhouetted as he fishes near Northport in Klang outside Kuala Lumpur on June 6, 2014. Malaysia pioneered Islamic finance in the 1980s - (The Jakarta Globe/Samsul Said)
Adira plans to sell the Islamic bonds this year, or by April 2015 at the latest
Bareksa.com - Southeast Asia’s largest consumer lender is shunning its home country of Indonesia and selling Islamic bonds in Malaysia, lured by cheaper borrowing costs and a more-active market.
As quoted as from The Jakarta Globe, Adira Dinamika Multi Finance, which helped Indonesians buy 1.8 million motorcycles last year, will offer as much as $150 million of sukuk in Kuala Lumpur, president director Willy Suwandi Dharma said on June 30, without specifying a currency for the sale. Malaysia’s 10-year sovereign ringgit sukuk yield 4.23 percent, compared with 8.97 percent for similar-maturity Indonesian rupiah notes, data compiled by Bloomberg show.