Maybank’s RM4.8 Billion Sukuk Prices Above May Issuance

Malayan Banking Bhd (Maybank) completed a RM4.8 billion Tier 2 Subordinated Sukuk Murabahah issuance on 11 August 2026, drawn from its RM30 billion sukuk programme, according to The Star. The four new series price at 4.05% to 4.33%, above every tranche the bank sold in May, when it raised RM1.2 billion at rates of 3.78% to 3.95%, per Maybank’s own capital and debt issuance disclosures.

Maybank raised RM1.2 billion across three tranches on 13 May 2026, according to its capital and debt issuance disclosures. The August total is four times that.

Four Series, One Rating

The issuance is split into four series, according to The Star: Series 017 at RM400 million with an initial profit rate of 4.05%, Series 018 at RM1.8 billion at 4.17%, Series 019 at RM1.2 billion at 4.23%, and Series 020 at RM1.4 billion at 4.33%. Together, the four series carry maturities ranging from 10 to 17 years, though The Star’s report does not specify which series matches which tenure.

RAM Rating Services Bhd assigned the new sukuk a rating of AA1 with a stable outlook, The Star reported. The instrument will qualify as Tier 2 capital under Bank Negara Malaysia’s Capital Adequacy Framework. Tier 2 is a supplementary layer of regulatory capital that ranks behind senior creditors and typically prices higher than senior debt. It is the same category of instrument covered in The Halal Times’ earlier reporting on subordinated sukuk of this kind.

Pricing Above May’s Tranches

The comparison that matters for the bank’s funding cost is with its own recent issuance history. Maybank sold three Tier 2 Subordinated Sukuk Murabahah tranches on 13 May 2026: RM240 million at 3.78%, RM310 million at 3.87%, and RM650 million at 3.95%, according to Maybank’s capital and debt issuance disclosures. Those three tranches totaled RM1.2 billion.

Every rate in the new August series, as reported by The Star, sits above every rate on the May 2026 tranches listed on Maybank’s capital and debt issuance page. Maybank’s disclosure page doesn’t give a reason for the shift, and The Star’s report doesn’t either.

What It Means for Maybank’s Funding

Maybank said the funds are earmarked for ringgit and foreign-currency Islamic instruments that meet Shariah requirements, plus the Islamic operations of its subsidiaries and branches abroad, according to The Star. The disclosed mandate is broad rather than tied to a specific project or acquisition.

Maybank’s capital and debt issuance page lists Tier 2 Subordinated Sukuk Murabahah tranches issued in October 2020, January 2024, May 2025, August 2025, September 2025, and May 2026, with four separate issue dates falling between 29 May 2025 and 13 May 2026. It’s a well-established funding channel for the bank and one of the recurring instrument types in Malaysia’s sukuk market.

BusinessToday Malaysia also published a report on the RM4.8 billion Tier 2 sukuk issuance on 11 August 2026. Maybank’s capital and debt issuance page does not list the August 2026 issuance, so the individual issue and maturity dates for Series 017 through 020 have not appeared in the bank’s own issuance history.

A Separate Move at the Holding Company Level

Separately, Maybank announced on 3 August 2026 that it would wholly own Maybank Ageas Holdings Berhad, the holding company for the Etiqa insurance and takaful business, according to Maybank’s newsroom. Neither The Star’s report on the sukuk nor Maybank’s newsroom item connects the two.

Frequently Asked Questions

What did Maybank raise in the RM4.8 billion sukuk issuance?

On 11 August 2026, Malayan Banking Bhd completed a Tier 2 Subordinated Sukuk Murabahah issuance of RM4.8 billion across four series priced from 4.05% to 4.33%, according to The Star.

How does the August pricing compare with Maybank’s May 2026 sukuk?

All four new series price above the three tranches Maybank sold on 13 May 2026, which carried rates of 3.78%, 3.87%, and 3.95%, per The Star and Maybank’s capital and debt issuance disclosures.

What rating did the new series receive?

RAM Rating Services Bhd assigned the issuance a rating of AA1 with a stable outlook, according to The Star.

What will Maybank use the sukuk proceeds for?

Maybank said the funds are earmarked for ringgit and foreign-currency Islamic instruments that meet Shariah requirements and for the Islamic operations of its subsidiaries and overseas branches, according to The Star.

Is the sukuk connected to Maybank’s Etiqa or Maybank Ageas transaction?

Neither The Star’s report nor Maybank’s newsroom states any link. Maybank announced separately on 3 August 2026 that it would wholly own Maybank Ageas Holdings Berhad, and the sukuk’s disclosed use of proceeds does not mention that transaction.