alliance-bank-bond-is-twice-subscribed

Alliance Bank bond is twice subscribed

Malaysia's smallest lender offers a big domestic bond - and fills its books within two days.
Alliance Bank Malaysia Bhd, the the country's smallest lender, says its M$600 million $166 million million Tier II subordinated bond issue has been subscribed over two times.

In a statement on May 18, Alliance Bank said the issue was allocated to 22 investors, with 53% going to insurers, 27% government agencies, 9% funds, 8% private banking and 3% financial institutions.

The bonds have a 10 year maturity with a call from the fifth anniversary of the issue date. They were priced at 6.09% fixed rate, which was equivalent to 91 basis points over the 5-year swap rate on May 17. If held for 10 years, the bonds will carry a revised coupon rate of 7.59%...
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