Demand was likely underpinned by the scarcity of equity-linked issuance out of Malaysia, especially ringgit-denominated offerings. However, Berjaya LandÆs $246 million equivalent exchangeable bonds last month, which is the only equity-linked deal out of Malaysia this year, was also denominated in the local currency.
A majority of the Berjaya bonds was sold onshore though, as was the M$300 million exchangeable into forecasting gambling company Magnum in November 2003. This makes Resorts World the first ringgit-denominated deal to be sold almost entirely into the international market.
Sources say a couple of...
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