Commerce Asset brings rare exchangeable

Strong demand revives Asian equity-linked market.

Malaysia's Commerce Asset Holding bought a rare Malaysian exchangeable to market on September 15, raising $125 million from a deal led by CIMB, JPMorgan and Morgan Stanley. The transaction represents the only outstanding equity-linked deal from the financial services sector in Malaysia and as such was snapped up by investors.

Despite the fact that orders started being capped at $10 million within 40 minutes of launch, the deal still went on to close five times covered.

Pricing of the five-year deal came at par with a zero coupon and redemption price of 107.758%. There is a three-year put at 104.585% to yield 1.5% and a...

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