Maybank says holders shifted two series to SOFR, one will not change

Chicago, June 7 – Malayan Banking Bhd. (Maybank) provided the results of adjourned meetings to change the benchmark basis for three series of floating-rate notes, according to an announcement.

Of the three series that were the subject of those meetings, two were quorate and will shift to SOFR as a basis with a credit spread adjustment of 26.161 basis points.

The third meeting was not quorate, and as a result the benchmark will be synthetic Libor after the cessation of Libor, published by the IBA and made available from July 1 to Sept. 30, 2024.

The two notes that will use SOFR are the $30 million outstanding floating-rate series 82 notes due Oct. 27, 2023 (ISIN: XS1900299568) bearing interest at the benchmark rate plus a margin of 83 bps and the $30 million outstanding floating-rate series 101 notes due May 7, 2024 (ISIN: XS1991096691) bearing interest at the benchmark rate plus a margin of 80 bps.

The series that will use synthetic Libor is the $24 million outstanding floating-rate series 96 notes due March 28, 2024 (ISIN: XS1971361545) bearing interest at the benchmark rate plus a margin of 85 bps.

Adjourned meetings were held starting at 10 p.m. ET on May 30.

The tabulation and information agent is Kroll Issuer Services Ltd. (attn.: Mu-yen Lo / Owen Morris; +852 2281 0114 or +44 20 7704 0880; maybank@is.kroll.com; https://deals.is.kroll.com/maybank).

The commercial and retail bank is based in Kuala Lumpur, Malaysia.

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