The BBBBaa2-rated sovereign's Eu500 million $428 million deal has been roundly panned by just about every DCM professional in Asia, with the obvious exception of its two lead managers Barclays and Deutsche. London syndicate hands, by contrast, report strong demand for the five-year deal, which is said to appeal to European bank buyers and smaller institutional accounts that hold euro rather than dollar paper.
Even in Malaysia itself, there has been a sharp division of opinion between Bank...