Sukuk Factsheet
ZABMK 5.300% 10Feb2032 Corp (MYR) -Class B
Zamarad Assets Berhad
Indicative
Full Lot
Bid Price 100.894
Change in Bid Price 0.020
Bid Yield (%) 5.039 %
Change in Bid Yield 0.006
Ask Price 101.680
Change in Ask Price 0.022
Ask Yield (%) 4.814 %
Change in Ask Yield 0.006
Indicative price as of 02 Oct 2026, 4:25pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Sukuk Issuer
Zamarad Assets Berhad
Guarantor
-
Announcement Date
21 Jul 2023
Issue Date
10 Aug 2023
Maturity Date
10 Feb 2032
Years to Maturity / Next Call
5.356 / 3.849
Modified Duration
4.537 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.300
Distribution Type
Fixed
Annual Distribution Rate
5.300
Distribution Frequency
Semi Annually
Seniority
Secured
Reference Rate
-
ISIN
MYBVM2303237
CUSIP
BCC3BXSF6
Sukuk Currency
MYR
Total Issue Size
30,000,000
Min. Investment Quantity (Nominal)
MYR 1,000
Incremental Quantity (Nominal)
MYR 1,000
Sukuk Type
Asset-backed Security
Sukuk Sector
Financials
Sukuk Sub Sector
Diversified Financial Services
Issuer Credit Rating (S&P/ Fitch/ RAM)
***/ N.R/ N.R
Sukuk Credit Rating (S&P/ Fitch/ RAM)
***/ N.R/ AA2
Shariah Compliant
Yes
Exchange Listed
No
Issuer Call
Under the terms of the Issue Documents, the occurrence of any of the following events which in the opinion of the Sukuk Trustee affects all the Acquired Islamic Financing Agreements will, by written notice from the Issuer to the Originator, oblige the Originator to repurchase all the Acquired Islamic Financing Agreements:
(i) The failure by the Originator to comply with any applicable law with respect to the Acquired Islamic Financing Agreements;
(ii) The failure to vest and maintain vested in the Issuer a perfected ownership interest in the Acquired Islamic Financing Agreements and/or the Receivables are not free and clear of any encumbrances;
(iii) Any successful dispute, claim or defence of any of the Individual Customers as to the legality and enforceability of any Acquired Islamic Financing Agreements and/or Receivables and such dispute, claim or defence would be applicable to all Acquired Islamic Financing Agreements and/or Receivables; and
(iv) Any successful attempt by any person to avoid, rescind or set aside any transfer by the Originator to the Issuer of the Acquired Islamic Financing Agreements and/or Receivables under any law, including any bankruptcy law or other insolvency law and such avoidance, rescission or setting aside would be applicable to all Acquired Islamic Financing Agreements and/or Receivables.
The Issuer shall redeem all outstanding Sukuk Murabahah, in whole and not in part, on the next profit payment date immediately after receipt by the Issuer of the Repurchase Price (as defined herein).
Such redemption shall be at par value, on a pro-rata basis within each tranche and shall include the accrued and unpaid profit (where applicable).
Clean-up Call
The Issuer will grant the Originator an option to repurchase all the outstanding Acquired Islamic Financing Agreements in relation to that tranche on a date to be agreed at the Repurchase Price, provided that the Issuer would be able to discharge all its payment obligations to the Sukukholders of all Classes of the Sukuk Murabahah of the relevant tranche (save and except the most junior Class Sukuk Murabahah), payments preferred by law and incidental expenses and fees to the JPAs/JLAs/JSAs/JLMs, the Solicitors, Credit Rating Agency, Reporting Accountant, the Sukuk Trustee, the Security Trustee, the Servicer Fee (if the Servicer is not the Originator or a related corporation of the Originator) and such other party(ies) appointed in connection with the Sukuk Murabahah Programme, if:
(a) the outstanding principal value of the Acquired Islamic Financing Agreements of such tranche shall fall to or below a pre-agreed percentage (as reflected in the relevant documentation for such tranche) of the outstanding principal value initially purchased from the Originator. For the purpose of the First Tranche, the percentage shall be 10%. As for the Subsequent Tranche(s), such percentage(s) shall be agreed between the Issuer and the Originator prior to issuance of the relevant Subsequent Tranche(s); OR
(b) all Classes of the Sukuk Murabahah of the relevant tranche save and except the most junior Class Sukuk Murabahah shall have been fully redeemed, the Originator may nominate any eligible third party to purchase all the outstanding Acquired Islamic Financing Agreements upon exercising the Clean-up Call if the Originator does not intend to repurchase the said Acquired Islamic Financing Agreements.
The proceeds received by the Issuer from the Clean-up Call shall be applied in accordance to the order and priority as stipulated in the relevant provisions in respect of the RA.
Such redemption of the outstanding Sukuk Murabahah shall be at the relevant Early Redemption price.
Distribution Rate Step Up
The step-up rate is set at 4% p.a.
Extendable Tenor
Subject to Mandatory Redemption in Full (as defined in the section entitled “Mandatory Redemption in Full”), all series of the Sukuk Murabahah must be fully redeemed on the relevant Legal Maturity Date. Non-redemption of any series of the Sukuk Murabahah by the relevant Legal Maturity Date shall constitute an Event of Default.
**Note: Where the relevant Sukuk Murabahah includes an Expected Maturity, the Expected Maturity denotes the date where the Sukuk Murabahah is expected to be redeemed by the Issuer but there is no legal obligation for the Issuer to do so.
For avoidance of doubt, non-redemption of the Sukuk Murabahah on its Expected Maturity will not by itself constitute an Event of Default. However, in the event the relevant Sukuk Murabahah has been redeemed on its Expected Maturity or any Early Redemption date, the effective Additional Profit commencing from the Expected Maturity or such Early Redemption date up to the relevant Legal Maturity Date of the Sukuk Murabahah shall be released by way of Ibra’.
Expected Maturity Date: 09Aug2030
Additional Note
The underlying assets is isolated from the originator i.e. put beyond the reach of the originator and its creditors even in receivership or bankruptcy.
The SPV have no recourse to an originator for losses arising from those assets save for any credit enhancement provided by the originator at the outset of the securitization transaction.
Where an originator is also the servicer, the services must be provided on an arm’s length basis, on market terms and conditions.
Asset Backed Securities in Malaysia are governed under the "Guidelines on the Offering of Asset-Backed Securities" by the Securities Commission of Malaysia.
Bondsupermart strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.
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