Malaysian state sets up $5 billion SWF

Malaysia's oil-rich Terengganu state will establish a M$11 billion ($3 billion) ringgit sovereign wealth fund with a M$5 billion bond issuance later this week.

The Terengganu Investment Authority, the first to be set up by a Malaysian state, was originally established in February, but, according to the Malaysia Star, a newspaper, has just M$1m in capital at present.

The M$5 billion bond issuance, the date of which is yet to be confirmed, will be guaranteed by the Malaysian government, which

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