Malaysia's Penerbangan talks $1 billion 10-year notes at mid-swaps plus 35-38 bps

By Paul A. Harris

St. Louis, March 8 - Malaysia's Penerbangan Malaysia Bhd. talked its $1 billion offering of 10-year global bonds (A3/A-) at a spread of 35 to 38 basis points over mid-swaps, an informed source told Prospect News on Wednesday.

The deal is expected to price before the end of the week.

CIMB Bhd., Deutsche Bank and Morgan Stanley are managing the bond sale, which is being conducted via Rule 144A and Regulation S.

The prospective issuer is 100% owned by Khazanah Nasional Bhd., the investment-holding arm of Malaysia. Penerbangan is the majority owner of Malaysia's biggest airline, Malaysian Air.

The Malaysian Federation will guarantee the notes.

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