Malaysian blow-out

The 10-year deal, which was lead managed by JPMorgan and Salomon Smith Barney, was upsized from $750 million to $1 billion on the back of spectacular demand, especially from the US where 54% of the demand originated from. Indeed, this overturned a trend in which Asian demand had driven most Asian deals this year, in the case of the China deal, making up 50% of demand. In Malaysia’s case, the Asian order book reached $600 million, far shy of the US although greater than the $300 million derived from Europe. About 30% was placed in Asia and 16% in Europe.