YTL Power readies CB

The independent power producer will begin formal pre-marketing of a $150 million convertible next week.

Credit Suisse First Boston and Deutsche Bank are joint lead managers of a five year bullet deal that will mark the first equity-linked offering from Malaysia since June 1997.

Informal soundings in the credit market suggest that the deal will be marketed at about 150bp over Libor on an asset swap basis. At this kind of spread, it will seem aggressive relative to oustandings, but for dollar investors in particular, will represent a welcome diversification from the dominating troika of Telekom, Tenaga and Petronas.

Local bankers say that the deal's small issue size, but more importantly, the value and rarity of the YTL credit are the main drivers. Baa2BBB-rated...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222