By Marisa Wong
Morgantown, W.Va., Oct. 19 – Malayan Banking Bhd. (Maybank) issued RM 2.2 billion of Basel III-compliant tier 2 subordinated notes on Monday, according to a Bursa Malaysia announcement.
The 4.9% notes have a tenor of 10 years and are non-callable for five years.
After five years the notes are callable on every coupon payment date.
The notes were issued under Maybank’s up to RM 7 billion subordinated note program. Maybank established the program and issued the first tranche totaling RM 2.1 billion in May 2012.
Proceeds from the latest tranche will be used to fund Maybank’s working capital, general banking and other corporate purposes.
RAM Rating Services Bhd. has assigned a rating of AA1 to the notes.
| Issuer: | Malayan Banking Bhd.
|
| Issue: | Basel III-compliant tier 2 subordinated notes
|
| Amount: | RM 2.2 billion
|
| Maturity: | Oct. 17, 2025
|
| Coupon: | 4.9%
|
| Call option: | Non-callable for first five years, then on every coupon payment date beginning Oct. 19, 2020
|
| Settlement date: | Oct. 19
|
| Rating: | RAM Rating Services: AA1
|
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