By Marisa Wong
Madison, Wis., Sept. 14 - Malayan Banking Bhd. (Maybank) priced $800 million of 3¼% 10-year subordinated notes (BBB+/BBB+) at five-year Treasuries plus 260 basis points to yield 3.254% on Thursday.
The tier 2 notes, which are non-callable for five years, will be issued under Maybank's $5 billion multicurrency medium-term note program.
The deal was 5.6 times oversubscribed, according to a press release.
Maybank Investment Bank Bhd., HSBC Ltd. Offshore Banking Unit Labuan and Nomura International plc were the joint lead managers and bookrunners for the Regulation S transaction.
Proceeds will be used for working capital, general banking and other corporate purposes.
The commercial and retail bank is based in Kuala Lumpur.
| Issuer: | Malayan Banking Bhd.
|
| Issue: | Tier 2 subordinated notes
|
| Amount: | $800 million
|
| Maturity: | Sept. 20, 2022
|
| Coupon: | 3¼%
|
| Yield: | 3.254%
|
| Spread: | Five-year Treasuries plus 260 bps
|
| Call: | Non-callable for five years
|
| Bookrunners: | Maybank Investment Bank Bhd., HSBC Ltd. Offshore Banking Unit Labuan, Nomura International plc
|
| Pricing date: | Sept. 13
|
| Distribution: | Regulation S
|
| Ratings: | Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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