MISC pulls its bond deal while Kia hangs tight

Malaysia International Shipping falls victim to market volatility and pulls its $750 million 144a bond deal. Investors are now speculating whether Kia will do the same.

Liquid gas carrier Malaysia International Shipping Corporation MISC pulled its 10-year 144a $750 million transaction rated A2 yesterday, against a market backdrop of continued volatility. Meanwhile, market observers are watching closely to see whether Kia MotorsÆ $300 million five-year offering Baa3BBB will prevail against challenging conditions.

MISC yesterday announced in a statement that market volatility and investor skittishness had led the company to withdraw its transaction, managed by Citi and Deutsche Bank. Trading on the New York Stock Exchange...

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