Credit Suisse First Boston and Deutsche Bank are joint lead managers of a five year bullet deal that will mark the first equity-linked offering from Malaysia since June 1997.
Informal soundings in the credit market suggest that the deal will be marketed at about 150bp over Libor on an asset swap basis. At this kind of spread, it will seem aggressive relative to oustandings, but for dollar investors in particular, will represent a welcome diversification from the dominating troika of Telekom, Tenaga and Petronas.
Local bankers say that the deal's small issue size, but more importantly, the value and rarity of the YTL credit are the main drivers. Baa2BBB-rated...
