Khazanah last night announced that it has issued its single largest sukuk issuance in Singapore to-date for S$1.5 billion, at 2.615% for the S$600 million 5-year sukuk and 3.72% for the S$900 million 10-year sukuk.
It was also the largest Singapore dollar issuance by a foreign issuer in Singapore, and the first Singapore dollar issuance out of the Malaysia International Islamic Financial Centre (MIFC) initiative.
The governor of Bank Negara Malaysia and the deputy managing director of the Monetary Authority of Singapore also congratulated themselves.
The managing director of Khazanah said: "We are very pleased that this transaction broadens further our active participation in international Islamic capital markets."
I am very worried when regulatory and so-called corporate leaders are very happy to get government-linked companies further into debt and in foreign currencies - presumably backed by the federal government and presumably to finance some highly-priced medical services in the so-called regional markets.
If Khazanah is a specialist in commercialising medical services, I shall be slightly less worried. But if Khazanah is some hot-shot financial wizard that plays with other people's money - and in this case, the taxpayers' money if its fantasy goes up in smoke - then I am very worried for all of us.
That this is the single largest sukuk to-date is worrisome for me.