Eon Bank to launch debut sub debt offering

Malaysia''s Eon Bank is expected to begin roadshows for a $150 million issue next week.

Malaysia's sixth largest lender, Eon Bank Berhad has mandated ING for a $150 million issue that is expected to be launched next week. The deal is slated to be a lower tier 2 offering with a 10 non-call five structure.

ING's position as lead manager is hardly a surprise given that the Dutch bank advised Eon on its back door listing on the KLSE in 2001.

Roadshows are expected to incorporate both Asia and Europe. International ratings have yet to be assigned, but the bank's parent Eon Capital already has an A2 rating from Rating Agency Malaysia RAM. Other Malaysian banks that have issued international subordinated debt such as...

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