A new mega-issuer from Malaysia

A new government-owned bank has been set up to finance new infrastructure projects in Malaysia. It will also develop the country''s financial infrastructure.

When it comes to infrastructure projects, few Asian nations can match Malaysia for gusto. With a brief pause during the financial crisis, it has consistently poured money into infrastructure.

The government has announced it will fund $8 billion worth of new infrastructure projects and that it will do this via its local domestic debt market thus helping to build another vital piece of infrastructure for corporate Malaysia. A vehicle called the Bank Pembangunan  Infrastruktur Malaysia Berhad BPIMB will launch a series of bonds in ringgit.

BPIMB signed a program today with CIMB and Deutsche Bank which will allow the infrastructure bank to issue bonds with maturities out to 25 years....

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