The bank has announced the pricing of its $300 million sukuk issuance, which went at 140 basis points over US Treasuries, according to a statement.

The price is equivalent to an all-in yield of 2.874 per cent per annum and is up from the initial price guidance of 165 basis points over UST. The sukuk, referring to Islamic insurance products, was oversubscribed by around 10 times and attracted more than $3 billion orders. It was fully distributed to over 185 Islamic and conventional investors and allocated globally, with over 19 per cent going to Middle East investors, 65 per cent to Asians and the remaining 16 per cent to Europeans. 

The US dollar sukuk issuance represents the world's first export-import bank to issue the product in US currency, it said. The initiative is line with MEXIM's plans to grow its Islamic finance business and is in support of the government's movies to position Malaysia as an international Islamic banking hub. 

Proceeds from the sale will be used for its Shariah-compliant working capital, general banking and financial activities. It will be listed on Labuan International Financial Exchange and Singapore Exchange Securities Trading.