Maybank seeks consents to replace Libor with SOFR for 2024 floaters

By Marisa Wong

Los Angeles, March 13 – Malayan Banking Bhd. (Maybank) is asking holders of its $27 million floating-rate notes due March 11, 2024 (ISIN: XS1960978648) to approve a proposal by way of written resolution.

The issuer is seeking to make SOFR the benchmark interest rate, replacing Libor. The proposed new interest rate would be SOFR plus 85 basis points (with the spread unchanged) plus a credit adjustment spread of 26.161 bps.

For the written resolution to be signed, holders of at least 90% of the nominal amount of the notes must give their consent.

The consent deadline is 5 a.m. ET on March 16.

Hongkong and Shanghai Banking Corp. Ltd. is the paying agent.

The commercial and retail bank is based in Kuala Lumpur, Malaysia.

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