Malaysia's Alliance Bank plans to issue RM 600 million 10-year subordinated bonds

By Reshmi Basu

New York, March 14 - Alliance Bank Malaysia Bhd. plans to issue up to RM 600 million of 10-year subordinated bonds via a private placement upon the approval of the Malaysian Securities Commission.

The issuance will be non-callable for five years. Additionally, the issue will qualify as tier II capital.

Proceeds will be used for general working capital purposes, including the redemption of Alliance Bank's existing RM 535 million 10-year subordinated bonds issued in 2001 that are non-callable for five years.

Alliance Merchant Bank Bhd., a wholly owned subsidiary of Alliance Bank, and HSBC Bank Malaysia Bhd. are lead managers for the transaction.

The issuer is a wholly owned subsidiary of Malaysian Plantations Bhd.

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