PMB: new deal, same old story?

Will the Malaysian government-owned agency heed history as it prepares to make its third attempt to debut in the international debt markets?
For the third time in as many years, Malaysian sovereign proxy Penerbangan Malaysia PMB is hoping it will finally be able to make its debut in the international debt markets. Earlier this week, the wholly government-owned agency added Morgan Stanley to an existing CIMB and Deutsche Bank mandate to raise $1 billion via a 10-year bond.

Market participants are now waiting to see whether the A3A- sovereign rated issuer has learnt from past mistakes and will bring a market clearing deal. So far it has failed twice û in 2003 after it mandated Credit Suisse and Morgan Stanley for a deal that never saw the light of day and in October 2005 when a...
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