Malaysia's Penerbangan issues talk on $1 billion two-part bond offering; pricing set for Friday

By Paul A. Harris

St. Louis, Oct. 20 - Air carrier Penerbangan Malaysia Bhd. issued price talk Thursday on its $1 billion two-part bond offering (A3/A-), according to market sources.

Pricing is expected to take place Friday in New York.

The company talked an approximately $750 million offering of 10-year bonds at mid-swaps plus 35 basis points, or an 83 basis point spread to U.S. Treasuries.

Meanwhile Penerbangan talked an approximately $250 million offering of 30-year bonds at mid-swaps plus 96 basis points, or at a 145 basis point spread to Treasuries.

CIMB Bhd., Citigroup and HSBC are joint bookrunners for the Rule 144A/Regulation S offerings.

The notes are irrevocably and unconditionally guaranteed by Malaysia.

The issuer is 100% owned by Khazanah Nasional Bhd., the investment holding arm of Malaysia.

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