KL 'to sell $2b of global Islamic bonds'

KUALA LUMPUR • Malaysia plans to sell as much as US$1.5 billion (S$2 billion) of global Islamic bonds, less than a month after Indonesia's sukuk attracted bids for more than three times the amount offered.

The marketing of the notes started yesterday and they will likely have maturities of 10 and 30 years, sources said. The proceeds will be used to refinance US$1.2 billion of syariah-compliant debt coming due in July.

Malaysia's sale coincides with a rebound in the ringgit, which has rallied more than 10 per cent this year. A recovery in Brent crude is also brightening the outlook for the oil exporter's finances.

BLOOMBERG

Weaker outlook for advanced economies

PARIS • Growth is seen easing off in major advanced economies, the OECD said yesterday, with the outlook continuing to deteriorate in the United States and Britain while the German economy is losing steam.

The Organisation for Economic Cooperation and Development said its monthly leading economic indicator showed signs of stabilisation in China, India and France.

On an index where 100 represents the long-term average, the reading for OECD nations as a whole edged down to 99.6 in February from 99.7 the month before.

The euro zone economy remained at 100.5, the US reading edged lower, to 98.9 from 99.0, while China stood unchanged at 98.4.

BLOOMBERG