Maybank prices lower tier 2 debt issue

The 52.2% government-owned bank returns to the subordinated debt markets for the first time in seven years.

An increased ten non-call five offering was priced in London yesterday at the tight end of its indicative range to raise $380 million. Pricing of the Baa2/BBB- rated deal came at 99.888% on a coupon of 6.125% to yield 6.149% or 173bp over five-year Treasuries.

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