Malayan Banking OK’d to transition second series of floaters to SOFR

By Mary-Katherine Stinson

Lexington, Ky., March 24 – Malayan Banking Bhd. announced it has obtained noteholder approval of a written resolution in the case of another series of its floating-rate notes on March 24, clearing the way to transition the benchmark basis to SOFR, according to a notice.

The latest approval pertains to the company’s $30 million floating-rate notes, series 83, due Nov. 7, 2023 (ISIN: XS1903698030).

Noteholders representing at least 90% of the bonds approved the written resolution.

The interest basis change for the 2023 notes will now transition to SOFR plus 83 bps plus a credit spread adjustment of 26.161 bps, effective May 7.

The consent deadline was 5 a.m. ET on March 23.

The notes were originally issued under the bank’s $15 billion multicurrency medium-term note program.

The financial services company and commercial bank is based in Kuala Lumpur, Malaysia.

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