Maybank migrates $850 million floaters due 2024 to SOFR

By William Gullotti

Buffalo, N.Y., July 5 – Malayan Banking Bhd. (Maybank) updated the interest basis for its $850 million floating-rate notes due Aug. 16, 2024 (ISIN: XS2035552889), according to a notice with an appended pricing supplement on Wednesday.

Effective Aug. 16, the interest rate will be updated to SOFR plus 80 basis points plus an additional 26.161 bps adjustment spread from Libor plus 80 bps.

For the avoidance of doubt, the reference rate applicable to the notes up to, but excluding, the effective date will continue to be Libor, and the interest payment to be made on the effective date will not be affected by the transition.

The five-year notes were issued Aug. 1, 2019 under the bank’s $15 billion multicurrency medium-term note program. Listings for the notes are on the Taipei Exchange and the Singapore Exchange.

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

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