Malaysia's Maybank to sell RM 1.5 billion of 12-year bonds

By Reshmi Basu

New York, May 2 - Kuala Lumpur-based Malayan Banking Bhd. (Maybank) said it received approval from Malaysia's Securities Commission on its proposal to issue RM 1.5 billion of 12-year Islamic subordinated bonds.

The bonds will be non-callable for seven years.

Also the issue will qualify as tier II capital.

Meanwhile proceeds from the sale will be used to finance Maybank's Islamic financial activities. The bonds will be structured based on the Islamic principal of Bai-Bithaman Ajil.

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