Malaysian blow-out

The Federation of Malaysia''s most recent bond was a huge success, but bankers are divided about its timing and its decision to issue at all.
Having forsaken a roadshow, the Malaysian sovereign managed to put together over $2 billion of demand for its heavily oversubscribed bond issue.

The 10-year deal, which was lead managed by JPMorgan and Salomon Smith Barney, was upsized from $750 million to $1 billion on the back of spectacular demand, especially from the US where 54% of the demand originated from. Indeed, this overturned a trend in which Asian demand had driven most Asian deals this year, in the case of the China deal, making up 50% of demand. In Malaysias case, the Asian order book reached $600 million, far shy of the US although greater than the $300 million...

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