misc-pulls-its-bond-deal-while-kia-hangs-tight

MISC pulls its bond deal while Kia hangs tight

Malaysia International Shipping falls victim to market volatility and pulls its $750 million 144a bond deal. Investors are now speculating whether Kia will do the same.
June 27, 2007
Liquid gas carrier Malaysia International Shipping Corporation MISC pulled its 10-year 144a $750 million transaction rated A2 yesterday, against a market backdrop of continued volatility. Meanwhile, market observers are watching closely to see whether Kia MotorsÆ $300 million five-year offering Baa3BBB will prevail against challenging conditions.

MISC yesterday announced in a statement that market volatility and investor skittishness had led the company to withdraw its transaction, managed by Citi and Deutsche Bank. Trading on the New York Stock Exchange has been particularly volatile, with the Dow Jones index starting the day yesterday up 100 points and then ending in negative territory, down 14 points. Further, the yields on 10-year Treasuries have reduced from 5.30%...
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