Telekom Malaysia makes correct call

Telekom Malaysia has launched Asia''s last major international bond deal of the year, relying on a strong Asian bid to counter telecoms fatigue in Europe and the US.

A $300 million 10 year offering for the Baa2BBB-rated credit was priced last night in New York Thursday and upsized slightly from $250 million to take into account a $500 million order book.

Led by joint leads Deutsche Bank and Merrill Lynch, the offering came at 99.068 with a semi-annual coupon of 8% to yield 8.138%, or 262.5bp over Treasuries. Sold in euro 144a format with fees totalling 40bp, the deal also numbered four co-managers -...

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