PMB: Third time lucky

Deutsche Bank and Morgan Stanley throw down the guantlet as PMB finally completes its inaugural foray into the international bond market.

Following two failed attempts, Penerbangan Malaysia PMB has finally priced its longed for $1 billion 10-year bond deal. Most specialists had thought it stood a slim chance of success given investors were clearly in the driverÆs seat and market conditions are volatile.

However, after taking the deal to investors at an indicative range of 35bp to 38bp over mid-swaps, the deal priced at the tight end of guidance with an order book two-times oversubscribed.

The A3A- deal was priced...

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