Enthusiastic response to Mexim's $500 million bond debut

Malaysia's state-owned export-import bank successfully prices its first US dollar issue during a lull in the storm.

Enthusiastic response to Mexim's $500 million bond debut

Export-Import Bank of Malaysia Mexim attracted strong demand for its inaugural US dollar bond issue late last week, despite mounting risk aversion among investors amid a further worsening of the European crisis.

It was the first-ever foreign currency bond issue by a Malaysian development finance institution and it even achieved the lowest coupon by any Malaysian entity for a 5-year tenor. Apparently, Mexim met interest for a 10-year deal, but chose the shorter-dated option.

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