KUALA LUMPUR: Permodalan Nasional Bhd (PNB) is considering reviving an exchangeable bond sale that it had explored six years ago to raise funds to expand overseas, people with knowledge of the matter said.

State-owned PNB is working with financial advisers on the potential offering of exchangeable bonds, which are notes backed by shares in a listed company, according to the people, who asked not to be identified because the process is private.