Sukuk Factsheet
BMUAMK 6.350% Perpetual Corp (MYR)
Bank Muamalat Malaysia Berhad
Indicative
Full Lot
Bid Price 101.903
Change in Bid Price 0.001
Bid Yield (%) 5.321 %
Change in Bid Yield 0.001
Ask Price 103.092
Change in Ask Price 0.004
Ask Yield (%) 4.692 %
Change in Ask Yield
-
Indicative price as of 06 Oct 2026, 3:42pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Sukuk Issuer
Bank Muamalat Malaysia Berhad
Guarantor
-
Announcement Date
22 Sep 2023
Issue Date
29 Sep 2023
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.981
Modified Duration
1.843 @ 06 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.350
Distribution Type
Variable
Annual Distribution Rate
6.350
Distribution Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date:29 September 2028 and every 6 months thereafter
Reset Rate: prevailing 5-Year Malaysia Government Securities + Initial Spread (2.701%)
ISIN
MYBPZ2300211
CUSIP
ZI9641930
Sukuk Currency
MYR
Total Issue Size
350,000,000
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/ MARC/ RAM)
***/ N.R/ A+/ A2
Sukuk Credit Rating (S&P/ Fitch/ MARC/ RAM)
***/ N.R/ BBB/ N.R
Shariah Compliant
Yes
Islamic Principle
Sukuk Al Wakala Bel Istithmar
Exchange Listed
No
Loss Absorption
Write-Off in the case of Non-Viability Event (applicable to Tier 2 Sukuk Wakalah and AT- 1 Sukuk Wakalah) or Breach of CET-1 Capital Ratio (applicable to AT-1 Sukuk Wakalah)
If a Non-Viability Event occurs, the Issuer shall irrevocably, without the need for the consent of the Sukuk Trustee or the Tier 2 Sukukholders or the AT-1 Sukukholders (as the case may be), write-off the relevant Tier 2 Sukuk Wakalah or AT-1 Sukuk Wakalah (in whole or in part) if so required by the Relevant Malaysian Authority at its full discretion.
A Non-Viability Event shall be deemed to have occurred on the day on which the Issuer received the notification from the Relevant Malaysian Authority.
Further, the AT-1 Sukuk Wakalah may be subject to a write-off upon the occurrence of a Breach of CET-1 Capital Ratio, where the aggregate amount of AT-1 Sukuk Wakalah to be written-off must be at least the amount required to restore CET-1 Capital Ratio of (a) the Issuer, at the consolidated and entity level, and (b) the Issuer, at the consolidated level, to at least 5.75% (or such other percentage as may be prescribed by the CAFIB). If this is not possible, then the full principal value of the AT-1 Sukuk Wakalah will be written-off.
In the case the Tier 2 Sukuk Wakalah and/or AT-1 Sukuk Wakalah are written-off at the point of Non-Viability Event or upon a Breach of CET-1 Capital Ratio (in whole or in part), the Tier 2 Sukukholders and/or the AT-1 Sukukholders shall waive their rights to the payment of the outstanding Deferred Sale Price due from the Buyer and shall agree to grant an Ibra’ at such amount corresponding to the aggregate principal amount and the Expected Periodic Distribution Amount of the Tier 2 Sukuk Wakalah and/or AT-1 Sukuk Wakalah required to be written off.
Further, the Tier 2 Sukukholders and/or the AT-1 Sukukholders shall also waive (tanazul) their rights to the Shariah-compliant Business (in whole or in part, as the case may be) and:
(i) in the case of write off of the full nominal value, the Sukukholders agree for the entire Shariah-compliant Business to be transferred back to the Issuer at no consideration; and
(ii) in the case of partial write off of the nominal value, the Sukukholders agree for a particular portion of the Shariah-compliant Business to be transferred to the Issuer at no consideration.
Such write-off shall not constitute or be deemed a default by the Issuer or constitute an Enforcement Event, nor would it trigger a cross-default under any other outstanding Tier 2 Sukuk Wakalah and AT-1 Sukuk Wakalah or of any financial indebtedness of the Issuer.
In the event where no hierarchy of write-off is provided, all AT-1 Sukuk Wakalah shall absorb losses proportionately.
Regulatory Redemption
Subject to the satisfaction of the Redemption Conditions, the Issuer may exercise its option to early redeem any Tranche of the Tier 2 Sukuk Wakalah or AT-1 Sukuk Wakalah (in whole but not in part) at its Redemption Amount under the following circumstances:
(b) Regulatory redemption: the Issuer may, at its option, redeem any Tranche of the Tier 2 Sukuk Wakalah or the AT-1 Sukuk Wakalah (in whole but not in part), if any Tranche of the Tier 2 Sukuk Wakalah or the AT-1 Sukuk Wakalah (in whole or in part), either immediately or with the passage of time or upon either giving of notice by the relevant authority or the fulfilment of a condition, no longer qualify as Tier-2 capital (for Tier 2 Sukuk Wakalah) or the Additional Tier-1 capital (for AT-1 Sukuk Wakalah) of the Issuer for the purposes of BNM’s capital adequacy requirements or any other regulations applicable to the Issuer;
Deferral of Distribution
The payment of Expected Periodic Distribution Amount under the AT-1 Sukuk Wakalah shall be at the Issuer’s sole and absolute discretion at all times and is subject to:
(i) such payment not resulting in a breach of the capital requirements applicable to the Issuer under the relevant BNM’s capital guidelines;
(ii) the Issuer is solvent at the time of payment of the Expected Periodic Distribution Amount and the payment of the Expected Periodic Distribution Amount will not result in the Issuer becoming, or likely to become insolvent; and
(iii) such payment being made from Distributable Reserves only.
The Issuer may also, at its option, cancel the Expected Periodic Distribution Amount which would otherwise have been payable on such Periodic Distribution Date, where the right of the AT-1 Sukukholders to receive such Expected Periodic Distribution Amount shall be lost and the Issuer shall have no obligation to pay the AT-1 Sukukholders the Expected Periodic Distribution Amount which would otherwise have been payable on such Periodic Distribution Date.
Dividend and Distribution Stopper
If, on any Periodic Distribution Date, payment of Expected Periodic Distribution Amount scheduled to be made on such date is not made in full by the Issuer as a result of the paragraph on “Limitation on Payment”, the Issuer shall not:
(i) declare or pay, any dividends or other distributions in respect of Junior Obligations (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 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 AT-1 Sukukholders); or (b) the Issuer is permitted to do so by an extraordinary resolution of the AT- 1 Sukukholders.
Issuer Call
(a) Optional redemption: the Issuer may, at its option, redeem any Tier 2 Sukuk Wakalah or the AT-1 Sukuk Wakalah (in whole but not in part) on any Optional Redemption Date.
“Redemption Conditions” refer to the following:
(i) the Issuer is solvent at the time of any redemption of that Tranche of Tier 2 Sukuk Wakalah or AT-1 Sukuk Wakalah, and immediately thereafter;
(ii) the Issuer has obtained the written approval of BNM prior to redemption of that Tranche of Tier 2 Sukuk Wakalah or AT- 1 Sukuk Wakalah; and
(iii) the Issuer shall:
(a) replace that Tranche of the Tier 2 Sukuk Wakalah or AT-1 Sukuk Wakalah to be redeemed with capital of the same or better quality and the replacement of such capital shall be done at conditions which are sustainable for the income capacity of the Issuer; or
(b) demonstrate to the satisfaction of BNM that its capital position is and can be sustained well above the minimum capital adequacy and capital buffer requirements after the redemption of such Tranche of the Tier 2 Sukuk Wakalah or AT-1 Sukuk Wakalah.
“Optional Redemption Date(s)” means a date to be determined prior to issuance, which shall be a date falling no earlier than the fifth (5th) anniversary of the relevant issue date of the Tier 2 Sukuk Wakalah or AT-1 Sukuk Wakalah, and any Periodic Distribution Date thereafter.
First Optional Redemption Date/ First Call Date: 29 September 2028
“Redemption Amount” means an amount equal to 100% of the nominal value of the Tier 2 Sukuk Wakalah or the AT-1 Sukuk Wakalah, together with all accrued and unpaid Expected Periodic Distribution Amount (if any) (in the case of Tier 2 Sukuk Wakalah) and/or accrued but unpaid and uncancelled Expected Periodic Distribution Amount (if any) relating to the then current Periodic Distribution period (in the case of the AT-1 Sukuk Wakalah) up to (and excluding) the relevant Early Redemption Date (s).
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.
Sukuk Calculator
Yield Calculation
Investment Amount
Nominal Value-
Principal Amount-
Accrued Distribution-
Total Payable-
Cash Flow Information