Telekom Malaysia: ringing success

Malaysian telco completes one of the most successful international bond deals of 2004.

Telekom Malaysia secured a huge $5 billion order book for its $500 million deal yesterday September 13, enabling the group to close the gap with the sovereign and price through the country's main quasi-sovereign benchmark, Petronas.

The deal was astutely timed to take advantage of any possible spread momentum generated by Malaysia's budget statement on Friday. However, it also benefited from a massive stroke of luck after Moody's unexpectedly upgraded the group's rating by two...

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