By Marisa Wong
Morgantown, W.Va., Dec. 23 – Malaysia’s CIMB Group Holdings Bhd. announced that CIMB Bank Bhd. issued RM 2 billion of Basel 3-complaint tier 2 subordinated debt on Wednesday.
The 10-year securities have a coupon of 5.15% and are non-callable for five years.
The notes were issued under the company’s RM 10 billion tier 2 subordinated debt program.
Proceeds will be used to fund CIMB Bank’s working capital requirements and general banking and corporate purposes.
Malaysian Rating Corp. Bhd. assigned an AA rating to the debt program.
CIMB Bank is a 99.99% owned subsidiary of CIMB Group Sdn. Bhd., a wholly owned subsidiary of CIMB Group Holdings. The CIMB banking group is based in Kuala Lumpur.
| Issuer: | CIMB Bank Bhd.
|
| Issue: | Tier 2 subordinated debt
|
| Amount: | RM 2 billion
|
| Maturity: | 10 years
|
| Coupon: | 5.15%, payable semiannually
|
| Call: | Non-callable for five years
|
| Settlement date: | Dec. 23
|
| Rating: | Malaysian Rating Corp.: AA
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