Malayan Banking OK to transition $20 million floaters due 2024 to SOFR

By Mary-Katherine Stinson

Lexington, Ky., March 23 – Malayan Banking Bhd. announced noteholder’s approval of a written resolution in the case of one series of its floating-rate notes, clearing the way to transition the benchmark basis to SOFR, according to a notice.

The approval pertains to the $20 million floating-rate notes, series 102, due May 8, 2024 (ISIN: XS1991315596).

As previously reported, for the 2024 notes, the interest rate will now change to SOFR plus 80 basis points plus a credit spread adjustment of 26.161 bps, effective May 8.

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

The bank was also seeking the same approval regarding its $30 million floating-rate notes, series 83, due Nov. 7, 2023 (ISIN: XS1903698030). Results were not reported in that case.

If it had become effective, the interest basis change for the 2023 notes would have transitioned the notes 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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