Maybank offers $671.7mn subordinated notes

The notes were given a long term rating of AA1 by RAM Rating Services.

Malayan Banking Bhd (Maybank) has issued RM2.0 billion ($671.7 million) Subordinated Notes under a Subordinated Note Programme of up to RM3.0 billion ($1 billion) in nominal value.

The Subordinated Notes issued have a tenure of 10 years on a 10 non-callable 5 basis.

"The Notes, which will mature on Aug 16, 2021, will be callable on Aug 15, 2016 and on every interest payment date thereafter," the bank said in a statement on Monday.

The Subordinated Notes were accorded a long term rating of AA1 by RAM Rating Services Bhd and lead arranged by Maybank Investment Bank Bhd.

"The Subordinated Notes offering was priced at 4.10 per cent and received overwhelming response from investors, resulting in an over subscription of 2.125 times," Maybank said.

In view of the strong demand, Maybank upsized the issue size to RM2.0 billion from the initial issue size of RM1.5 billion ($504.02 million).

View the full story in Bernama.