Khazanah wins PLUS points

Malaysian government investment arm executes well received exchangeable into PLUS Expressways.

Khazanah Nasional Berhad completed Malaysia's largest ever equity-linked deal yesterday December 15 with a $414.5 million exchangeable into PLUS Expressways. Under the lead management of CIMB and JPMorgan, the deal was priced at the mid-point of its indicative range and was described as fairly priced and well executed by non-lead bankers.

Given that PLUS is a relatively low volatility stock with no stock borrow, investors were most fixated on the yield and strength of the...

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