Malaysia's Public Bank sets guidance for $300-$400 million 12-year bonds at mid-swaps+90-95 bps

By Reshmi Basu

New York, June 9 - Public Bank Bhd. set price guidance for an upsized offering of $300 million to $400 million 12-year bonds (Baa1/BBB+ [expected]) at mid-swaps plus 90 to 95 basis points, according to a market source.

The subordinated bonds, increased from $250 million to $300 million, are non-callable for seven years. If not called, the coupon will step up to the prevailing five-year U.S. Treasury plus 150 bps plus the spread at pricing.

Barclays Capital and Citigroup are the managers of the Regulation S issuance for the Kuala Lumpur, Malaysia-based banking group.

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