Maybank prices first subordinated lower tier-2 sukuk

Maybank diversifies its investor base with a benchmark deal that prices at the tight end of guidance.

Malayan Banking Maybank, through MNN Sukuk Inc., priced the first ever Reg-S lower tier-2 10-year non-call-five sukuk last night at 33bp over six-month Libor, the tight end of a revised guidance set at 33bp-35bp. AseamBankers, HSBC and UBS led the bank through the tightest deal for a Malaysian sub-borrower, and the second tightest sub-debt deal from Asia ex-Japan.

The deal follows the first global sukuk issued by the Federation of Malaysia in June 2002 and the first exchangeable...

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