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Malaysia's EON Bank settles RM 500 million 10-year 4¾% tier 2 MTNs
By Marisa Wong
Madison, Wis., Dec. 30 - EON Capital Bhd. announced that its wholly owned subsidiary, EON Bank Bhd., completed its issuance of RM 500 million tier 2 subordinated medium-term notes on Thursday.
The notes carry a coupon of 4¾%, payable semiannually. They have a maturity of 10 years and are callable at the end of year five and on each subsequent coupon payment date after that.
This is the third tranche issued by the bank under the RM 2 billion subordinated MTN program approved by the Securities Commission on Nov. 19, 2008.
The issue size was originally set at RM 300 million but was increased to RM 500 million, due to an overwhelming response from institutional and private investors, according to a press release.
Proceeds will be used for the bank's working capital.
MIMB Investment Bank Bhd. and AmInvestment Bank Bhd. were the joint lead managers for the MTNs.
The MTNs were rated A1 by RAM Rating Services Bhd.
EON Bank is a Malaysian commercial bank.
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