Maybank raises $400m despite tight pricing

07 Feb 2012

Malayan Banking Corp (Maybank) raised $400m from a five year bond issue at the end of last week, becoming the first Malaysian issuer in the international debt market this year. The bonds traded slightly wider in the secondary market on Monday, after some rival bankers said the deal was priced too tightly.

Bankers working on the transaction released initial price guidance of around 260bp over Treasuries on Friday morning, but they lowered this to 230bp-240bp after attractive big demand, said a banker close to the deal. The leads eventually priced the deal with a spread of 230bp over Treasuries, which ...

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