MISC prices debut bond

Malaysian shipping company prices midway between sovereign proxies Petronas and Tenaga.

Malaysia International Shipping Corporation MISC completed an inaugural two tranche bond issue on Friday raising $1.1 billion from and a five and10-year 144a transaction.

Under the lead management of Barclays and Citigroup, the Baa1BBB rated credit raised $400 million via the five-year tranche and $700 million via the 10-year deal after seeing order books close at respectively $1.3 billion and $1.1 billion.

The five-year tranche was priced at 99.834% to yield 5.038%, equating to120bp over Treasuries, or 67bp over Libor. This tranche came through indicative price guidance of 125bp to 135bp. Fees were 30bp.

The 10-year was priced at 99.506% to yield...

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