19/11/2021 07:59 PM

KUALA LUMPUR, Nov 19 -- Export-Import Bank of Malaysia Bhd (MEXIM) has returned to the international capital markets and priced a US dollar bond offering of US$350 million (US$1=RM4.17) five-year senior unsecured notes. 

In a statement today, it said the notes are issued off MEXIM’s US$3.0 billion Multicurrency Medium Term Note Programme and the net proceeds will be used for general banking and finance activities, working capital as well as other corporate purposes.

"Taking advantage of a steady market open in Asia on the morning of Nov 18, 2021, MEXIM opportunistically entered the global market, announcing the initial price guidance at T+90 basis points (bps) area for the notes.

"MEXIM was able to compress the initial price guidance by 30bps and announce final price guidance at T+60bps area. The notes were subsequently priced at T+60bps at a yield of 1.831 per cent," it said.

The bank also said the offering was conducted on the back of a comprehensive global virtual investor roadshow conducted on Nov 17, 2021 following a mandate announcement on the day before.

"The final order size amounted to over US$1.3 billion over 80 accounts (including US$100 million from the joint bookrunners), or an oversubscription rate of more than 3.7 times of MEXIM’s target US$350 million issuances," it added. 

MEXIM chairman Datuk Azman Mahmud said the successful return to the international capital markets exemplifies the trust and support of international investors towards the strong credit fundamentals of MEXIM, as well as its role in continuing the recovery of the Malaysian economy following the COVID-19 pandemic.

"As the only development financial institution mandated by the Malaysian government to promote cross-border ventures, the bank’s role remains vital to facilitate the competitiveness of Malaysian institutions," he said. 

Meanwhile, chief operating officer Norlela Sulaiman said MEXIM was able to capitalise on an opportunistic market window available despite the volatile movement of the broader market environment. 

"This underpins the confidence of international investors towards the integral mandated role of MEXIM in the country’s export-oriented economy," she said. 


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