Bumiputra-Commerce Bank prices sub debt

Lead managers Morgan Stanley and CIMB priced a $300 million debut subordinated debt issue for Bumiputra-Commerce Bank Berhad (BCB) yesterday (Wednesday). The lower tier 2 deal has the standard 10 non-call five maturity and was priced on a coupon of 5.125% to yield 5.182%, equating to 205bp over five-year treasuries or 160bp over Libor.