Maybank raises US$700 million in dual-tranche dollar bond sale
It plans to use the proceeds for working capital, general banking and other corporate purposes
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[HONG KONG] Malayan Banking (Maybank), Malaysia’s biggest bank by assets, has launched a US$700 million sale of US dollar bonds in two parts, according to anupdated term sheet seen on Tuesday.
The offering comprises US$300 million of three-year floating-rate notes and US$400 million of five-year fixed-rate notes.
The three-year notes were priced at 60 basis points above the Secured Overnight Financing Rate (SOFR), a key US benchmark used to price loans and bonds, tighter than the initial price guidance of about 90 basis points.
The five-year notes were priced at 55 basis points above the yield on the five-year US Treasury note, tighter than the initial price guidance of about 80 basis points.
The three-year notes will mature around September 15, 2029, while the five-year notes will mature on September 15, 2031.
The five-year notes carry a coupon of 5.088 per cent.
Maybank plans to use the proceeds for working capital, general banking and other corporate purposes.
Citigroup, HSBC, Maybank and Wells Fargo Securities are joint lead managers and bookrunners. REUTERS
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