OCBC in Malaysian pref share first

OCBC undertakes a capital management first for its Malaysian subsidiary.

OCBC Malaysia became the first bank in Malaysia to offer rated preference shares on Wednesday when it completed a RM400 million $110 million deal. The placement of four million non-cumulative non-convertible preference shares was priced at RM100 per share and rated AA3 by Rating Agency Malaysia.

OCBC Malaysia was lead arranger and joint lead manager on the deal. CIMB was joint lead manager and secondary book maker.

The issue counts as tier one capital for the bank and sits between its common equity and its sub debt. After the deal, OCBC Malaysia's tier one capital increases from RM1.227 billion to RM1.627 billion....

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