Posted Date : 31 Jan 2013
CIMB Investment Bank Berhad clinched first place on Malaysian Rating Corporation Berhad's (MARC) 2012 Lead Managers' League Tables based on issue value and issue count. The investment bank was the lead manager for five MARC-rated sukuk/bond issues amounting to RM10.08 billion. Maybank Investment Bank Berhad (Maybank IB) and AmInvestment Bank Berhad (AmInvestment) were ranked second and third respectively in terms of issue value. By issue count, Maybank IB and AmInvestment tied for second place while Bank Muamalat Malaysia, HSBC Amanah Malaysia and RHB Investment tied for third place.
In 2012, MARC rated a total of 20 corporate debt issuances worth RM37.49 billion as compared to 37 issuances worth RM26.55 billion in 2011. Islamic bond issuances overshadowed conventional bond issuances, accounting for 96.08% in terms of issue value and 89.47% in terms of issue count. Issuances in 2012 that deserve special mention are Projek Lebuhraya Usahasama Berhad’s (PLUS) RM23.35 billion Islamic Medium Term Notes (IMTN) programme, the world’s single largest sukuk issuance to date, and Kimanis Power Sdn Bhd’s RM1.16 billion IMTN programme, PETRONAS’ first independent power project financing. Other notable issuances include Celcom Transmission (M) Sdn Bhd’s RM5.0 billion IMTN programme, Putrajaya Holdings Berhad’s RM3.0 billion IMTN programme and UEM Land Holdings Berhad’s RM2.0 billion Islamic Commercial Papers and IMTN programmes.
Details of MARC’s League Tables are as follows:-
Lead Managers’ League Table For January-december 2012
(By Value RM’ million)
|1.||CIMB Investment Bank Berhad||10,084.2||10,084.2|
|2.||Maybank Investment Bank Berhad||9,504.2||9,504.2|
|3.||AmInvestment Bank Berhad||470.0||7,737.5||8,207.5|
|4.||RHB Investment Bank Berhad||1,000.0||5,837.5||6,837.5|
|5.||HSCB Amanah Malaysia Berhad||2,246.7||2,246.7|
|6.||Bank Muamalat Malaysia Berhad||380.0||380.0|
|7.||Affin Investment Bank Berhad||230.0||230.0|
Lead Managers’ League Table For January - December 2012
(by Number Of Issuances)
|1.||CIMB Investment Bank Berhad||5||5|
|2.||Maybank Investment Bank Berhad||4||4|
|3.||AmInvestment Bank Berhad||1||3||4|
|4.||Bank Muamalat Malaysia Berhad||2||2|
|5.||HSBC Amanah Malaysia Berhad||2||2|
|6.||RHB Investment Bank Berhad||1||1||2|
|7.||Affin Investment Bank Berhad||1||1|
In 2012, total issued and rated corporate bonds (excluding government-guaranteed and non-rated corporate bonds) stood at RM94.2 billion, surpassing MARC’s forecast of RM65-RM75 billion for the year. High investment grade issuances (AA and AAA-rated) continued to dominate private debt securities issuances in the last few years. Non-rated corporate bonds, which include government-guaranteed sukuk/bonds issued last year, amounted to RM30.4 billion as compared to RM15.0 billion in 2011.
MARC sees continued positive momentum for issuance in 2013, fuelled by capital expenditure and working capital financing needs of corporates, particularly in the construction, real estate and oil and gas-related sectors, as well as project and infrastructure financing and refinancing needs. This is evidenced by MARC’s newly announced ratings in January 2013 alone of RM5.90 billion Murabahah Securities issuance by Malakoff Power Berhad, RM750 million Sukuk Musyarakah programme by Cerah Sama Sdn Bhd and RM200 million MTN programme by Inverfin Sdn Bhd.
While external headwinds will prevail, there has been sustained expansion in domestic activity. MARC is forecasting a GDP growth of 5.3% in 2013. Low interest rates and credit spreads should also continue to be positive drivers for issuance volume this year.
For 2013, MARC expects gross rated corporate bond issuances to be in the range of RM55-RM65 billion. Based on MARC’s expectations, unrated private debt securities which are largely government-guaranteed, are likely to add another RM15-RM25 billion of issuances to the market, bringing total projected gross issuances of private debt securities to be in the region of RM70-RM90 billion for 2013.
Rajan Paramesran, +603-2082 2233/ firstname.lastname@example.org.