YTL Power launches convertible

The Malaysian IPP (Independent Power Producer) has launched a $125 million convertible.
June 27, 2001
After a slight additional wait because of delays getting final regulatory approval, YTL Power's convertible bond appeared in the market yesterday (Tuesday) via lead managers Credit Suisse First Boston and Deutsche Bank. The five-year deal has a premium redemption structure and offers investors a rare opportunity to purchase Malaysian equity in the primary markets.

So far this year, the Federation has yielded just one other equity offering from Time.com and last year only two deals, from Digi.com and Malaysian Pacific Industries Berhad. For convertible investors, the deal also represents their first taste of equity-linked paper since a $200 million exchangeable by Rashid Hussain in June 1997, some four years ago.

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