Public Bank returns to international debt market

Malaysian bank launches record sub-debt offering.

Barclays and Citigroup have priced a $400 million 12-year non-call seven-year Lower Tier 2 issues for Public Bank of Malaysia at the aggressive end of the deal's revised indicative range.

Initially marketed to investors at 90bp to 95bp over mid swaps, guidance was cut to 85bp-90bp. With an issue price of 99.383%, the notes carry a coupon of 5% to yield at 85bp over seven-year mid swaps or 132.7bp over five-year US Treasuries.

The notes, rated Baa1 by Moody's and BBB by SP, offered investors an attractive pick-up over its outstanding similarly rated $350 million 10 non-call five Tier 2 issue launched last June. As of...

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