KUALA LUMPUR: MALAYAN BANKING BHD [] has successfully priced its S$1 billion subordinated notes (SGD Subordinated Notes), its maiden issue under the US$2 billion Multicurrency Medium Term Note Programme (MTN).
The MTN programme was jointly arranged by The Hongkong and Shanghai Banking Corporation Limited (HSBC),Maybank Investment Bank Berhad and Standard Chartered Bank (SCB).
In a statement Thursday, April 21, Maybank said the SGD Subordinated Notes was the largest single tranche transaction for a Malaysian borrower in Singapore and received overwhelming response from investors, resulting in over subscription of 1.7 times.
Maybank president and CEO Datuk Seri Abdul Wahid Omar said the bank was pleased with the outcome of the transaction.
'The strong support and demand from the investors as evidenced by the benchmark S$1 billion issue size demonstrates investors' confidence in the bank's performance and prospects, its prudent capital management, sound asset quality as well as its continued market leadership and franchise as Malaysia's leading financial institution and an emerging regional leader,' he said.
The SGD Subordinated Notes was structured on a 10 Non-Call 5-year basis and was priced at 3.80% and will qualify as Tier-2 Capital for Maybank.
Maybank said that as this was a subordinated issue, the rating assigned was BBB+ by both Standard & Poor's Rating Services and Fitch Ratings.
The SGD Subordinated Notes are jointly lead managed by DBS Bank Ltd, HSBC, Kim Eng Securities Pte. Ltd, Oversea-Chinese Banking Corporation Limited and SCB.
The proceeds raised from the SGD Subordinated Notes will be utilised to fund Maybank's working capital, general banking and other corporate purposes.
The settlement date of the issue is April 28, 2011.
The MTN programme was jointly arranged by The Hongkong and Shanghai Banking Corporation Limited (HSBC),Maybank Investment Bank Berhad and Standard Chartered Bank (SCB).
In a statement Thursday, April 21, Maybank said the SGD Subordinated Notes was the largest single tranche transaction for a Malaysian borrower in Singapore and received overwhelming response from investors, resulting in over subscription of 1.7 times.
Maybank president and CEO Datuk Seri Abdul Wahid Omar said the bank was pleased with the outcome of the transaction.
'The strong support and demand from the investors as evidenced by the benchmark S$1 billion issue size demonstrates investors' confidence in the bank's performance and prospects, its prudent capital management, sound asset quality as well as its continued market leadership and franchise as Malaysia's leading financial institution and an emerging regional leader,' he said.
The SGD Subordinated Notes was structured on a 10 Non-Call 5-year basis and was priced at 3.80% and will qualify as Tier-2 Capital for Maybank.
Maybank said that as this was a subordinated issue, the rating assigned was BBB+ by both Standard & Poor's Rating Services and Fitch Ratings.
The SGD Subordinated Notes are jointly lead managed by DBS Bank Ltd, HSBC, Kim Eng Securities Pte. Ltd, Oversea-Chinese Banking Corporation Limited and SCB.
The proceeds raised from the SGD Subordinated Notes will be utilised to fund Maybank's working capital, general banking and other corporate purposes.
The settlement date of the issue is April 28, 2011.
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