Tenaga toasts success

The Malaysian electricity utility has overcome volatile global markets to successfully complete a $600 million bond offering.

The pricing of a global bond offering in New York last night Thursday, sees the company finance a simultaneous tender offering that succeeds in achieving a cost-efficient extension of its liability profile. Led by HSBC, Lehman Brothers and Commerce International Merchant Bankers CIMB, the Baa3BBB-rated credit has brought in a new 10-year issue at 99.594%, with a coupon of 7.625% and yield of 7.684%, equating to 295bp over Treasuries.

Market observers say the book closed just about two times subscribed, with a total of $1.1 billion orders, of which investors state that HSBC and Lehman equally contributed $500 million and CIMB $100 million. Under the pre-arranged...

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