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Company Update – AXIS REIT (ADD, maintain) - RM155m Sukuk issuance a positive




Affin Hwang Investment Bank Bhd


15 Aug 2013





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Second Sukuk issue of RM155m In a Bursa announcement last night, Axis REIT announced that it has successfully issued RM155m of Islamic Medium Term Notes (Sukuk) pursuant to the RM300m Sukuk programme established in FY12. This is the second Sukuk issue after the RM110m 10-Year Sukuk with a blended fixed financing rate of 4.61% issued on 16 July 2012. The second Sukuk issue which comprises of five tranches have obtained long-term ratings of AAA, AAA, AA1, AA2 and AA3 respectively by RAM Rating Services Bhd (see Fig 2). The blended annual financing rate for the 5-year (RM85m) and 7-year Sukuk (RM70m) are 4.13% and 4.18% respectively. It is backed by 4 commercial real estates with a total market value of RM373.7m. Proceeds raised from the issuance of Sukuk are to be used to refinance its existing RM50m and RM100m term loan due in FY13 and FY14 respectively.

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