Malaysian electricity company Tenaga had been away from the dollar bond market for more than a decade. But this week the company broke its fast, raising $750 million from investors.
When Tenaga last came to the bond market in 2005, US interest rates were on their way up, China’s economy was smaller than the United Kingdom’s, and Donald Trump was a just real estate developer. But the company made its return this week, diversifying its funding sources by turning to a mix of European, Asian and Middle Eastern investors.
The bookrunners were left scratching around when it came to pricing comparables. Malaysian corporations tend to meet their...
¬ Haymarket Media Limited. All rights reserved.
