Malaysia's AmBank gets approval for up to RM 4 billion tier 2 notes

By Marisa Wong

Madison, Wis., Dec. 5 - Malaysia's AMMB Holdings Bhd. announced that subsidiary AmBank (M) Bhd. obtained approval to establish an up to RM 4 billion subordinated notes program from Bank Negara Malaysia and the Securities Commission Malaysia on Oct. 21 and Dec. 4, respectively.

The program will have a tenor of up to 30 years, and each tranche of subordinated notes will have a tenor of at least five years.

AmInvestment Bank Bhd., the investment banking subsidiary of AMMB, is the lead arranger and lead manager for the program.

Notes issued under the program will qualify as Basel III-compliant tier 2 capital.

RAM Ratings Services Bhd. has assigned a preliminary long-term rating of AA3 to the subordinated notes.

AMMB is a Kuala Lumpur-based retail and commercial bank.

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