Maxis prices tight bond debut

Malaysia's top mobile operator taps the local currency market for a tightly priced M$1 billion deal despite volatility in the offshore bond markets.

Maxis Communications, Malaysia's largest mobile phone operator and the country's fifth-largest listed company, launched a debut M$1 billion $285 million bond last week, achieving tight pricing on the back of high demand despite the rocky international markets.

The company, rated triple-A by Rating Agency Malaysia, issued a M$500 million five-year note and a M$500 million 10-year note. The five-year tranche priced at 4.08% flat to the five-year ringgit swap rate and the 10-year tranche priced at 4.43% 10bp over the...

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