The Government of Malaysia sold the world's first 30-year sovereign sukukyesterday and, in the process, shrugged off domestic woes toestablish a long-dated benchmark Islamic curve for othersovereigns to follow.
The 30-year was part of a two-tranche offering of US$1.5bnin Islamic 144A/Reg S bonds to the international markets at atime when 1MDB's M$41.9bn debt woes threaten toderail the government's bid to rein in its fiscal and budgetdeficits.
Political battles between reigning Prime Minister NajibRazak and former PM Mahathir Mohamad further clouded thesituation. The public tension between the two not onlyundermined the apparent unity of the UMNO ruling party, but alsoforced Najib to deny publicly accusations of any involvement ina murder of a Mongolian model.
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