Tenaga turns market with success

Malaysian electricity utility completes successful cash tender and global bond offering.

Tenaga Nasional Berhad looks as if it may have provided the Asian debt markets with a much needed lift following the successful completion of a tender and bond offering yesterday April 27. Under the lead of Barclays Capital, CIMB and Credit Suisse First Boston, the group received $394 million from its tender offering and issued a $350 million bond to fund the buyback.

It achieved a much higher tender ratio and better pricing than it did in March 2001 when it last came to the international bond markets with a transaction that exactly mirrors the new deal in all structural details. This is all the more impressive in the context...

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