Kuala Lumpur: Bank Rakyat has successfully issued a RM1 billion Islamic medium-term notes (IMTN) sukuk wakalah via special purpose vehicle (SPV) Imtiaz Sukuk II Bhd. The issuance was made through the book-building process on April 24, 2025, under the senior sukuk wakalah programme of up to RM10 billion, which has been assigned a rating of AA2 by RAM Rating Services Bhd.

According to BERNAMA News Agency, Bank Rakyat stated in a press release that the issuance was structured in two tranches, with RM120 million allocated for a five-year tranche and RM880 million for a seven-year tranche. The bank reported a substantial demand for its senior sukuk wakalah, securing a final bid-to-cover ratio of 1.98 times the final issue size.

The proceeds from the senior sukuk wakalah will be directed towards shariah-compliant purposes, including working capital requirements, capital expenditure, general investments, providing financing, and other general corporate purposes. Bank Muamalat Malaysia Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd, and RHB Investment Bank Bhd have been appointed as the joint lead managers for the sukuk wakalah programme.