|
The Gulf Investment
Corporation GSC (GIC) RM1 billion fixed rate bond issuance, representing the
first issue by a Middle-Eastern multilateral institution in the ringgit debt
market, was oversubscribed by an average of 2.76 times. The bonds will be
issued on Feb 5 in two tranches, ABN AMRO Bank (Malaysia) Bhd, RHB
Investment Bank Bhd and Standard Chartered Bank Malaysia Bhd announced in a
joint statement Friday.
The first tranche has a size
of RM600 million with a maturity of five years and coupon rate of 3.98
percent, while the second tranche of RM400 million carries a coupon rate of
4.52 percent and maturity of 15 years.
Net proceeds from the issuance of the fixed rate bonds will be swapped into
US dollar and utilised by GIC for its general operations, the three banks
said.
They added that the bonds are accorded the highest rating of AAA while GIC
has been accorded a financial institutions rating of AAA/P1 (stable outlook)
by RAM Rating Services Bhd.
ABN AMRO is the lead arranger and together with RHB Investment and Stanchart
Malaysia held the role of joint lead managers and joint bookrunners for the
transaction.
|
