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OCBC Malaysia sells RM 400 million in tier 1 preference shares
By Reshmi Basu
New York, Aug. 3 - OCBC Bank (Malaysia) Bhd. said it sold an inaugural offering of RM 400 million in preference shares. The shares priced at RM 100 via private placement.
A market source said the issue is structured as perpetual shares. He added that the shares priced to yield 210 basis points more that 10-year Malaysian government bonds.
The preference shares qualify as tier 1 capital, the company said in a press release.
OCBC Malaysia was the lead arranger. Commerce International Merchant Bankers Bhd. was also a joint lead manager.
The issue was assigned a rating of Aa3 by ratings agency Malaysia Bhd. The Kuala Lumpur-based OCBC Malaysia becomes the first Malaysian bank to offer rated preference shares.
The issuer is a subsidiary of OCBC Bank.
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