CIMB prices inaugural bond

Small tier 2 deal helps the bank manage its capital more efficiently.

One of Malaysia's leading merchant banks, CIMB Moodys Baa3 Stable, Fitch BBB Stable, yesterday priced its inaugural tier 2 bond. At $100 million the deal was on the small side and leads Morgan Stanley and CIMB did well to counter the liquidity premium that such small deal usually demands.

The 10 year, non-call five deal was priced at 220bp over five year Treasuries, equating to a spread of 181bp over Libor. Initial market talk when the deal...

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