By Marisa Wong
Morgantown, W.Va., Oct. 27 – Alliance Financial Group Bhd. announced that its wholly owned subsidiary, Alliance Bank Malaysia Bhd., completed its first issuance of subordinated medium-term notes totaling RM 900 million on Tuesday.
The 10-year notes were priced with a coupon of 5¾%.
The notes are non-callable for five years. After five years the notes are callable on every coupon payment date.
The notes were issued under the bank’s recently launched RM 2 billion 30-year subordinated MTN program.
As previously announced, the bank established the subordinated MTN program along with a RM 1.5 billion 30-year senior MTN program and a RM 500 million seven-year commercial paper program.
Proceeds will be used for general banking, working capital and business purposes.
Alliance Investment Bank Bhd., a subsidiary of Alliance Bank, is the adviser and lead arranger for the programs.
The Malaysian bank is based in Kuala Lumpur.
Issuer: | Alliance Bank Malaysia Bhd.
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Issue: | Subordinated medium-term notes
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Amount: | RM 900 million
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Maturity: | 10 years
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Coupon: | 5¾%
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Call option: | Non-callable for first five years, then on every coupon payment date beginning Oct. 27, 2020
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Settlement date: | Oct. 27
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Rating: | RAM Rating Services: A2
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