CIMB prices successful bond issue

Malaysia''s CIMB makes its debt market debut with a M$600 million NCD issue.

Rob Davies

January 22, 2001

After an extensive 10-day roadshow, Malaysia’s Commerce International Merchant Bankers (CIMB) came to market with a well-received M$600 million ($157.9 million) negotiable certificate of deposit (NCD) deal. Although the bank has been involved in the local debt market in a lead manager capacity for other companies, this was actually CIMB’s first time as an issuer.

With the notes carrying a maturity of 10 years, the deal set another precedent by being the longest-dated NCD transaction to come out of Malaysia. Previously, the longest dated NCD deals were of five years. The notes pay an annual coupon of 6.50% and were rated triple-A by the Rating Agency of Malaysia.

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