Telekom Malaysia: ringing success

Malaysian telco completes one of the most successful international bond deals of 2004.

Telekom Malaysia secured a huge $5 billion order book for its $500 million deal yesterday September 13, enabling the group to close the gap with the sovereign and price through the country's main quasi-sovereign benchmark, Petronas.

The deal was astutely timed to take advantage of any possible spread momentum generated by Malaysia's budget statement on Friday. However, it also benefited from a massive stroke of luck after Moody's unexpectedly upgraded the group's rating by two notches on the same day.

The upgrade from Baa2 to A3 meant Telekom Malaysia pierced the sovereign by one notch for the first time in its history. Previously, Moody's has upgraded...

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