Mexim bond

Enthusiastic response to Mexim's $500 million bond debut

Malaysia's state-owned export-import bank successfully prices its first US dollar issue during a lull in the storm.

Export-Import Bank of Malaysia Mexim attracted strong demand for its inaugural US dollar bond issue late last week, despite mounting risk aversion among investors amid a further worsening of the European crisis.

It was the first-ever foreign currency bond issue by a Malaysian development finance institution and it even achieved the lowest coupon by any Malaysian entity for a 5-year tenor. Apparently, Mexim met interest for a 10-year deal, but chose the shorter-dated option.

The $500 million transaction was launched on June 7 under Mexim’s $1.5 billion multicurrency medium-term-note programme, and was priced late that evening after a rally in the US treasury market gave investors a...

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