BUSINESS

RHB BANK’S US$300 MILLION NOTES ISSUANCE OVERSUBSCRIBED MORE THAN 6 TIMES

13/02/2019 08:13 PM

KUALA LUMPUR, Feb 13 (Bernama) -- RHB Bank Bhd's US$300 million (US$1=RM4.06) in nominal value of five-year senior unsecured notes issuance launched on Tuesday was oversubscribed by more than six times.

In a statement today, the bank said the order book at the final price guidance stood at over US$1.8 billion, implying an oversubscription level of over six times from 114 accounts. 

"The strong demand allowed RHB Bank to tighten guidance to 128 basis points over five-year US Treasury at a yield of 3.766 per cent per annum, representing the tightest credit spread for Southeast Asia/ South Asia issuance to-date in 2019," it said.

According to the bank, the senior unsecured notes - rated A3 by Moody’s Investors Service Inc - marked the third issuance of its US$5 billion euro medium term note programme established on Sept 23, 2014.

It was also the first US dollar public benchmark issuance by a Malaysian financial institution since April 2017.

"The issuance is expected to be completed by Feb 19, 2019 and will be listed on the Singapore Exchange Securities Trading Ltd and Labuan International Financial Exchange Inc," it said, adding the proceeds would be utilised by RHB Bank for general working capital purposes.

-- BERNAMA


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