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The US national debt is nearing _____.

a. 20 trillion

b. 14 trillion

c. 14 billion

d. 5.5 trillion

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Joshua Stredder
Joshua StredderLv10
22 Jan 2021

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CIMB Group Holdings Bhd. (“CIMB”), the top global sukuk underwriter for a fourth year, is seeking to boost its business in the Persian Gulf to fight off HSBC Holdings Plc. (“HSBC”) challenge to its dominance.

The Southeast Asian nation’s second – biggest lender arranged US$3.6 billion (RM11.23 billion) of notes complying with Islam’s ban on receiving and paying interest in 2010 or 23 percent of the total, data compiled by Bloomberg show. Persian Gulf issues made up 3.5 percent of CIMB’s business this year.

The Kuala Lumpur based bank beat HSBC into second place for a fourth year, global sukuk sales totaled US$15.3 billion (RM47.74 billion) so far this year, 24 percent less than in 2009. Sales reached a record US$31 billion (RM96.72billion in 2007).

“We shall be able to do better in 2011,” Badlisyah Abdul Ghani, Chief Executive Officer (“CEO”) of CIMB Islamic Bank Bhd. said on Wednesday. “With the infrastructure developments in Malaysia and Gulf Cooperation Council countries, I anticipate sukuk issuance will be about the same as 2007 or better. We are looking at several deals from the Gulf,” he added.

“A Malaysian government 10 year project led initiative including a nuclear power plant and underground rail network will spur sales of Shari’ah compliant debt next year,” Kuala Lumpur based RHB Investment Management Sdn. Bhd.’s CEO, Sharifatul Hanizah Said Ali, said on December 15.

Saudi Arabian corporates may overtake Malaysia as the largest issuer of Islamic bonds for the first time in 2011 as the kingdom’s 1.44 trillion riyal or US$384billion (RM1.2 trillion) stimulus plan boosts spending. Three of the four underwriters are based in Malaysia and arranged 39 percent of Islamic bond sales this year.

The country’s investment bank have an advantage in the sukuk market as the nation’s issuers account for more than half of the US$144 billion Syari’ah compliant debt outstanding.

Sales by Persian Gulf borrowers in Malaysia surged to RM1 billion this year, the most since 2008 when Gulf firms started tapping the Malaysian, market data show. Last year, RM100 million of debt was sold. Total Islamic bond issuance in the Gulf has declined 32 percent to US$4.5 billion so far this year. - Bloomberg

In the article, Sharifatul Hanizah, RHB Investment Management Sdn. Bhd.’s CEO mentioned that the Malaysian government 10th year project led initiative includes a nuclear power plant and underground rail network which will spur sales of Shari’ah compliant debt next year. What are the sukuk structures that the Malaysian government may use to finance these future projects.

- One concern held by some scientists is that while investments required to slow global climate change may be expensive, over the long term the loss of “ecosystem services” (pollination of crops, distribution of rainfall, and so on) may have an even greater negative value. Consider an investment portfolio that calls for $100 billion/year invested worldwide from 2010 to 2050 in measures to combat climate change. The value per year is the net cost after taking into account return from the investments such as sales of clean energy in the marketplace. If the investments are carried out, they will prevent the loss of $2 trillion in ecosystem services per year from 2050 to 2100. Caveats: the analysis is simplified in that: (a) in 2050 the loss of ecosystem services jumps from $0 to $2 trillion, when in reality it would grow gradually from 2010 to 2050 as climate change becomes more widespread, (b) the world could not ramp up from $0 to $100 billion in investment in just 1 year in 2010, and (c) there is no consideration of what happens after the year 2100. Also, the given value of investment in technology to prevent a given value of loss of ecosystem services is hypothetical. The potential loss of ecosystem services value is also hypothetical, although at a plausible order of magnitude relative to a published estimate of the value of ecosystem services (Costanza, R., et al. 1997). a) Calculate the NPV of the investment in 2010, using a discount rate of 3% and of 10%, and also using simple payback. b) Discuss the implications of the results for the two discount cases.

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