After a lengthy absence from the international bond markets, the Malaysian oil company returned in some style yesterday Wednesday with Asia's largest ever corporate bond offering and the region's second ever largest offering behind the Republic of Korea's $4 billion issue.
The success and size of the $2.73 billion three-tranche transaction also means that the deal is likely to provide investors with a second liquid proxy to play Asia alongside the Federation of Malaysia's benchmark 2011 issue.
Pricing of the three tranches, which will re-fill the Baa1BBB rated credit's yield curve, came at the tightest end of the final indicative range. Under the lead of global co-ordinator Morgan Stanley and bookrunner Salomon Smith Barney,...
