By Rebecca Melvin
New York, March 15 -Khazanah Nasional Bhd., a state-owned investment holding company, priced $357.8 million seven-year notes exchangeable into shares of Parkson Retail Group Ltd. to yield minus 0.25%, with an initial conversion premium of 30%, according to a news release.
Parkson is a Hong Kong listed department store operator in the People's Republic of China.
The offering, which represents the first equity linked deal in Malaysia since early 2010, received overwhelming demand from investors, allowing the issue to be priced at the tightest end of price guidance and at negative yield to maturity, the release stated.
There is a put in year three.
CIMB Investment Bank Bhd., Deutsche Bank and J.P. Morgan were joint bookrunners and joint lead managers of the transaction.
Investors included more than 100 long-only funds, hedge funds, arbitrage funds and asset managers across Asia and Europe.
Khazanah is a government of Malaysia investment holding company involved in power, telecommunications, banking and real estate.
| Issuer: | Khazanah Nasional Bhd.
|
| Issue: | Exchangeable sukuk
|
| Underlying stock: | Parkson Retail Group Ltd.
|
| Amount: | $357.8 million
|
| Maturity: | 2019
|
| Bookrunners: | CIMB Investment Bank Bhd., Deutsche Bank, JPMorgan
|
| Price: | Par
|
| Yield: | Minus 0.25%
|
| Initial exchange premium: | 30%
|
| Put: | In year three
|
| Pricing date: | March 14
|
| Stock reference: | HK$9.71, close as of March 14
|
| Stock symbol: | Hong Kong: 3368
|
| Market capitalization: | HK$27,289,000,000
|
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