Sarawak turns on the tap for an additional $200 million.

Free from the spectre of First Silicon, Sarawak heads back to the market to top up its 10-year benchmark.

The Malaysian State of Sarawak priced an additional $200 million tap of its original $600 million 10-year Reg S bond late Thursday July 22. The Baa1A- notes were issued via special purpose issuance entity Sarawak International and are backed by a letter of support from the Sarawak state government's investment policy arm, SGOS Capital Holdings.

The Deutsche Bank led deal is said to have picked up tremendous momentum on the back of a $100 million lead order out of Singapore. Pricing was fixed at 99.834% on a coupon of 5.50% to yield 5.52%. This equates to a spread of 139bp over 10-year Treasuries, or 93bp over swaps. Fees were...

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