Tenaga toasts success

The pricing of a global bond offering in New York last night (Thursday), sees the company finance a simultaneous tender offering that succeeds in achieving a cost-efficient extension of its liability profile. Led by HSBC, Lehman Brothers and Commerce International Merchant Bankers (CIMB), the Baa3/BBB-rated credit has brought in a new 10-year issue at 99.594%, with a coupon of 7.625% and yield of 7.684%, equating to 295bp over Treasuries.