Malaysia International Shipping Corporation MISC completed an inaugural two tranche bond issue on Friday raising $1.1 billion from and a five and10-year 144a transaction.
Under the lead management of Barclays and Citigroup, the Baa1BBB rated credit raised $400 million via the five-year tranche and $700 million via the 10-year deal after seeing order books close at respectively $1.3 billion and $1.1 billion.
The five-year tranche was priced at 99.834% to yield 5.038%, equating to120bp over Treasuries, or 67bp over Libor. This tranche came through indicative price guidance of 125bp to 135bp. Fees were 30bp.
The 10-year was priced at 99.506% to yield...
