maybank-prices-first-subordinated-lower-tier2-sukuk

Maybank prices first subordinated lower tier-2 sukuk

Maybank diversifies its investor base with a benchmark deal that prices at the tight end of guidance.
Malayan Banking Maybank, through MNN Sukuk Inc., priced the first ever Reg-S lower tier-2 10-year non-call-five sukuk last night at 33bp over six-month Libor, the tight end of a revised guidance set at 33bp-35bp. AseamBankers, HSBC and UBS led the bank through the tightest deal for a Malaysian sub-borrower, and the second tightest sub-debt deal from Asia ex-Japan.

The deal follows the first global sukuk issued by the Federation of Malaysia in June 2002 and the first exchangeable sukuk by Khazanah Nasional Bhd in September 2006.

About 70 accounts participated in the $300 million BBBBaa1-rated trade, which attracted a book of $2.4 billion. 64% of the bonds sold to Asia, 13% to...
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