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Russia Holds Key Rate at 21% Amid Surging Inflation

The Bank of Russia unexpectedly maintained its key interest rate at a record-high  21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to  8.9%  in November, well above the central bank’s  4% target , with inflation expectations reaching  13.9%  in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s  200-basis point hike  as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
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Genting Plantations Unit Issues RM1.2 Billion Sukuk Wakalah

Genting Plantations Bhd’s (KL) wholly-owned subsidiary, Benih Restu Bhd, has successfully undertaken its first issuance of RM1.2 billion in Islamic medium-term notes (sukuk wakalah) under a RM2 billion sukuk wakalah programme based on the shariah principle of Wakalah Bi Al-Istithmar.

Key Details:

  • Issuance Details: The RM1.2 billion sukuk wakalah has a tenure of 10 years with an annual profit rate of 4.08%, according to Genting Plantations' filing with Bursa Malaysia on Monday.

  • Utilization of Proceeds: Benih Restu will advance the proceeds from the issuance to Genting Plantations and/or its subsidiaries via shariah-compliant intercompany advances. The funds will be used for:

    • Operating expenses
    • Capital expenditure
    • Investment
    • Refinancing of existing borrowings and shariah-compliant financing facilities
    • Future shariah-compliant financing facilities
    • Working capital requirements
    • General funding and corporate purposes

  • Application of Proceeds: The proceeds will support various activities including oil palm plantation development, palm oil processing, property development and investment, biotechnology research, and development of plantation crop improvement applications, as well as other new business activities within the group.

  • Advisers and Managers: AmInvestment Bank Bhd, Hong Leong Investment Bank Bhd, OCBC Al-Amin Bank Bhd, and Public Investment Bank Bhd are the joint principal advisers and joint lead arrangers for the sukuk wakalah programme. These banks also serve as joint lead managers for the first issuance.

  • Market Response: At the close of trading on Bursa Malaysia, shares of Genting Plantations eased by three sen to RM5.70, with 727,100 shares changing hands.

This issuance marks a significant step for Genting Plantations in leveraging Islamic finance to support its diverse operational and investment needs, ensuring alignment with shariah-compliant principles.

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