Sukuk Factsheet
BIMBMK 5.160% Perpetual Corp (MYR)
Bank Islam Malaysia Berhad
Indicative
Full Lot
Bid Price 100.607
Change in Bid Price 0.012
Bid Yield (%) 4.445 %
Change in Bid Yield 0.012
Ask Price 101.329
Change in Ask Price 0.013
Ask Yield (%) 3.611 %
Change in Ask Yield 0.010
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
Bank Islam Malaysia Berhad
Guarantor
-
Announcement Date
09 Aug 2022
Issue Date
24 Aug 2022
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.891
Modified Duration
0.854 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.160
Distribution Type
Fixed
Annual Distribution Rate
5.160
Distribution Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
-
ISIN
MYBVZ2203082
CUSIP
BY5511682
Sukuk Currency
MYR
Total Issue Size
500,000,000
Min. Investment Quantity (Nominal)
MYR 1,000
Incremental Quantity (Nominal)
MYR 1,000
Sukuk Type
High Yield Corporate
Sukuk Sector
Financials
Sukuk Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch/ RAM)
***/ N.R/ AA3
Sukuk Credit Rating (S&P/ Fitch/ RAM)
***/ N.R/ A3
Shariah Compliant
Yes
Islamic Principle
Sukuk Al Wakala Bel Istithmar
Exchange Listed
No
Loss Absorption
No equity conversion
The Sukuk Wakalah shall not entitle the Sukukholders to receive any form of equity interest in the Issuer at any point in time and the Issuer is not obliged to allot or issue any shares to or for the account of the Sukukholders upon the occurrence of a Non-Viability Event or otherwise. The Sukukholders shall not be entitled to participate in any distributions or entitlements to the Issuer’s shareholders or to attend or vote at any general meeting of the Issuer.
Write-off mechanism in the case of a Breach of CET-1 Capital Ratio
Upon a breach of the CET-1 Capital Ratio, the aggregate amount of Sukuk Wakalah to be written-off must be at least the amount required to restore the Issuer’s and its consolidated CET-1 Capital Ratio to at least 5.75% (or such other percentage as may be prescribed by the BNM CAFIB). If this is not possible, then the full nominal value of the Sukuk Wakalah will be written-off.
Breach of CET-1 Capital Ratio
If the CET-1 Capital Ratio (as determined by the BNM CAFIB) of the Issuer, at the consolidated or entity level (whichever is applicable), falls below 5.125% (or such other percentage as may be prescribed by the BNM CAFIB), the Issuer shall, without the need for the consent of the Sukuk Trustee or the Sukukholders, write-off the Sukuk Wakalah (in whole or in part).
Write-off mechanism in the case of a Non-Viability Event
Upon the occurrence of a Non-Viability Event, then as of the relevant write-off date:
(i) the write-off shall reduce:
a) the claim of the Sukuk Wakalah in liquidation. The Sukukholders will be automatically deemed to irrevocably waive their right to receive, and no longer have any rights against the Issuer with respect to, any payment of the aggregate nominal value of the Sukuk Wakalah written off;
b) the amount paid when a call option is exercised; and
c) Periodic Distribution of the Sukuk Wakalah; and
(ii) the write-off shall be permanent and the full or part (as the case may be) of the nominal value of the Sukuk Wakalah will automatically be written-off and the whole or part (as the case may be) of the Sukuk Wakalah will be cancelled.
Non-Viability Event
If a Non-Viability Event occurs, the Issuer shall irrevocably, without the need for the consent of the Sukuk Trustee or the Sukukholders, write-off the Sukuk Wakalah (in whole or in part) if so required by BNM and/or Malaysia Deposit Insurance Corporation (“PIDM”) at their full discretion.
“Non-Viability Event” means the earlier of the following:
(i) BNM, jointly with PIDM, so long as the Issuer is a Member Institution (as defined in the Malaysia Deposit Insurance Corporation Act 2011), or BNM, if the Issuer is no longer a Member Institution (“Relevant Malaysian Authority”) notifying the Issuer in writing that the Relevant Malaysian Authority is of the opinion that a write-off or conversion into ordinary shares is necessary, without which the Issuer would cease to be viable; or
(ii) the Relevant Malaysian Authority publicly announces that a decision has been made by BNM, PIDM or any other federal or state government in Malaysia, to provide a capital injection or equivalent support to the Issuer, without which the Issuer would cease to be viable.
Deferral of Distribution
In the event that there is profit for distribution, and the Issuer decided not to distribute the profit pursuant to this paragraph, the Sukukholders hereby agree to waive (tanazul) their right to receive Periodic Distributions for such Periodic Distribution Date.
Circumstances for Cumulative Periodic Distribution
Notwithstanding the above, if (i) the Sukuk Wakalah or any Series thereof no longer qualify as Additional Tier-1 capital of the Issuer (“Capital Disqualification Event”) (in whole and not in part) for the purposes of BNM’s minimum capital adequacy requirements under any applicable regulations, and such disqualification has been confirmed by BNM in writing, and (ii) the Issuer is not in breach of BNM’s minimum capital adequacy ratio requirements applicable to the Issuer, any Periodic Distribution payable after the date of notification from BNM of such disqualification (“Disqualification Date”) may be deferred, in whole or in part, at the Issuer’s sole and absolute discretion but shall not be cancelled in accordance with the provisions of this paragraph. Any portion of the Periodic Distribution payable on a Periodic Distribution Date occurring after the Disqualification Date, but deferred at the Issuer’s sole and absolute discretion shall start to become cumulative and such deferred amount shall be entitled to earn profit at the Periodic Distribution Rate from (and including) the said Periodic Distribution Date (“Deferred Periodic Distribution Date”) up to the date of actual payment of such deferred Periodic Distribution.
Distribution Stopper
If, on any Periodic Distribution Date, payment of Periodic Distributions scheduled to be made on such date is not made by reason of the “Limitation on Payment” clause, the Issuer shall not:
(i) declare or pay, any dividends or other distributions in respect of Junior Obligations (as defined herein) (or contribute any moneys to a sinking fund for the payment of any dividends or other distributions in respect of any such Junior Obligations);
(ii) declare or pay, any dividends or other distributions in respect of Parity Obligations (as defined herein) the terms of which provide that the Issuer is not required to make payments of such dividends or other distributions in respect thereof (or contribute any moneys to a sinking fund for the payment of any dividends or other distributions in respect of any such Parity Obligations);
(iii) redeem, reduce, cancel, buy-back or acquire, any Junior Obligations (or contribute any moneys to a sinking fund for the redemption, capital reduction, buyback or acquisition of any such Junior Obligations); or
(iv) redeem, reduce, cancel, buy-back or acquire, any Parity Obligations the terms of which provide that the Issuer is not required to redeem, reduce, cancel, buyback or acquire such Parity Obligations (or contribute any moneys to a sinking fund for the redemption, capital reduction, buy-back or acquisition of any such Parity Obligations),
in each case, until (a) the next scheduled Periodic Distributions to be paid in respect of such number of consecutive Periodic Distribution periods as shall be equal to or exceed twelve (12) calendar months have been paid in full (or an amount equivalent thereto has been paid, or irrevocably set aside in a separately designated trust account for payment to the Sukukholders); or (b) the Issuer is permitted to do so by an extraordinary resolution of the Sukukholders.
Issuer Call
“Call Date” means, any Periodic Distribution Date on or after the fifth (5th) anniversary of the issue date of that Series of the Sukuk Wakalah.
Early redemption pursuant to Call Option
The Issuer may at its option, on a Call Date, and subject to the Redemption Conditions being satisfied, redeem in whole or in part, the Sukuk Wakalah at the Dissolution Distribution Amount. The optional redemption of one Series of the Sukuk Wakalah shall not trigger the redemption of other Series of the Sukuk Wakalah.
Callable after a minimum period of five (5) years from the issuance date of the AT1 Sukuk Wakalah – Series 1. Callable on 24 Aug 2027 and every 6 months thereafter @ 100.
Additional Note
The Sukuk Wakalah may be redeemed at the option of the Issuer in whole or in part, and subject to the Redemption Conditions being satisfied, at any time at the Dissolution Distribution Amount, if a Regulatory Event has occurred and is continuing.
“Regulatory Event” means that, if there is more than an insubstantial risk, as determined by the Issuer, that:
a) the Sukuk Wakalah or any Series of the Sukuk Wakalah (in whole or in part) will, either immediately or with the passage of time or upon either the giving of notice or fulfilment of a condition, no longer qualify as Additional Tier-1 Capital of the Issuer for the purposes of BNM’s capital adequacy requirements under any applicable regulations; or
b) changes in law will make it unlawful to continue performing its obligations under the Sukuk Wakalah or any Series of Sukuk Wakalah.
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