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...
