public-bank-prices-innovative-new-hybrid-tier1-deal

Public Bank prices innovative new hybrid tier-1 deal

Using an original new structure, Barclays prices new bank capital deal for Malaysia's Public Bank amid troubled market.
MalaysiaÆs Public Bank closed its innovative $200 million Reg-S hybrid tier-1 offering after being delayed for almost three months on Monday August 14 via sole lead manager Barclays Capital. Public Merchant Bank acted as co-manager.

Initially roadshowing in June, the deal was withdrawn shortly thereafter because of the markets volatility and an overall ambivalence on the part of investors toward emerging market credits.

Keeping an eye on the market, Barclays brought the deal back to the market after an easing in trading conditions. When the deal re-emerged the lead announced a guidance of 120bp to 130bp over mid-swaps, with pricing expected for Friday August 12.

However, the deal was pushed back to Monday because...
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