AmBank debuts on the international stage

Malaysian Bank launches its first offshore deal with an upsized hybrid tier-1 perp offering.

Malaysia's sixth largest bank by assets, AmBank has issued an upsized $200 million hybrid tier-1 structured as a perpetual non-call 10-year share offering. AmMerchant Bank was the principal adviser, joint lead manager and joint book-runner for the Ba2BBBB rated issue. BNP Paribas and Credit Suisse were joint lead managers and joint book-runners.

Having been initially marketed to investors at an issue size of $150 million, the Reg-S deal was increased by $50 million after building a book worth $325 million following roadshows in Hong Kong and London.

Having shopped the deal to investors at a range of 187.5bp to 200bp over swaps, the...

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