Basic HTML Version
SIGNIFICANT AND SUBSEQUENT EVENTS
(a) In September 2013, the Bank launched its USD1.0 billion Multicurrency Sukuk Programme (“Sukuk Programme”), which
was structured based on Wakalah structure. Under the Sukuk Programme, the Bank can issue Sukuk denominated in any
currencies as required to fund the business of the Bank. Any future proceeds from each series of Sukuk received by the Bank,
will be applied by the Bank for its shariah compliant working capital, general banking and financing activities as well as for
other corporate purposes.
Subsequently, on 10 February 2014, the Bank had priced its USD300 million, 5-year, Reg S Sukuk issuance pursuant to the
Sukuk Programme. The Sukuk was priced at 140 basis points over US Treasuries, which is equivalent to an all in yield of
2.874% per annum. The allocation was well-spread out globally with over 19% of the issue distributed to the Middle East
investors, 65% to Asian investors and the remaining 16% to European investors.
(b) The Bank had on 31 December 2013, fully repaid its term loan of RM1.0 billion from Bank Negara Malaysia. The loan was
obtained on 26 June 2006 with interest charged at fixed rate of 1% as disclosed in Note 17 to the financial statements.
(c) Moody’s Investors Service and Fitch Ratings have also re-affirmed the Bank’s rating during their annual review for 2013
as follows:
Rating agencies
Date
Ratings
Moody’s Investors Service
26 June 2013
Long-term Foreign Currency Issuer Rating/
Outlook: A3/Stable
Fitch Ratings
27 September 2013
Foreign Long-term Issuer Default Rating: A–
Support Rating: 1
Support Rating Floor: A–
AUDITORS
The auditors, Ernst & Young, have expressed their willingness to continue in office.
Signed on behalf of the Board in accordance with a resolution of the Directors dated 27 February 2014.
Datuk Mohd Hashim bin Hassan
Dato’ Adissadikin bin Ali
EXIM Bank Annual Report 2013
093