Telekom Malaysia launches roadshows

The government-owned telecommunications company is expected to secure tight pricing for its first international bond deal in five years.
Led by Deutsche Bank and Merrill Lynch, the BBBBaa2-rated credit will begin roadshows in Hong Kong on Thursday for a $250 million euro-144a. The 10 year deal, which may be increased to $300 million subject to demand, will then be presented to investors in London and East CoastĀ USA before pricingĀ on November 30. There will also be four co-managers.

Bankers believe that the combined impact of the deal's small size and lack of supply from Asia should see the transaction price at a very slim premium to the sovereign's outstanding 2009 line, currently trading at a bidoffer spread of 228bp220bp over Treasuries. Telekom itself has an outstanding 2005...

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