Commerce Asset brings rare exchangeable

Strong demand revives Asian equity-linked market.

Malaysia's Commerce Asset Holding bought a rare Malaysian exchangeable to market on September 15, raising $125 million from a deal led by CIMB, JPMorgan and Morgan Stanley. The transaction represents the only outstanding equity-linked deal from the financial services sector in Malaysia and as such was snapped up by investors.

Despite the fact that orders started being capped at $10 million within 40 minutes of launch, the deal still went on to close five...

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