Malayan Banking Bhd (Maybank), Malaysia’s biggest bank by assets, has launched a $700 million sale of U.S. dollar bonds in two parts, according to an updated term sheet seen on Tuesday.
The offering comprises $300 million of three-year floating-rate notes and $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 U.S. 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 U.S. 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%.
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
