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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