This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) Oct. 29, 2026--The first forays into capital markets by Brunei's two largest banks is a positive step toward diversifying the sector's funding profile. However, meaningful change may take a while. Financial institutions in Brunei have ample liquidity and cost of funds are low. These factors could limit future issuance. That's according to a report S&P Global Ratings published today, titled"Brunei Banking Brief: Capital Market Evolution Will Be Incremental ."Bank Islam Brunei Bhd. (BIBD) and Baiduri Bank Sendirian Bhd. have issued capital market instruments for the first time. BIBD launched a Brunei dollar 200 million Sukuk Wakalah program and Baiduri priced a 280 million Singapore dollar
