maxis-prices-tight-bond-debut

Maxis prices tight bond debut

Malaysia's top mobile operator taps the local currency market for a tightly priced M$1 billion deal despite volatility in the offshore bond markets.
Maxis Communications, Malaysia's largest mobile phone operator and the country's fifth-largest listed company, launched a debut M$1 billion $285 million bond last week, achieving tight pricing on the back of high demand despite the rocky international markets.

The company, rated triple-A by Rating Agency Malaysia, issued a M$500 million five-year note and a M$500 million 10-year note. The five-year tranche priced at 4.08% flat to the five-year ringgit swap rate and the 10-year tranche priced at 4.43% 10bp over the 10-year swap rate. In US dollar Libor terms, this works out to a spread of about 33bp and 41bp respectively. The deal closed with M$5.365 billion of orders, covering the book 13.4x over the...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222