By Marisa Wong
Madison, Wis., Dec. 3 - Malaysia's CIMB Group Holdings Bhd. announced that CIMB Bank Bhd. issued RM 1.5 billion of tier 2 subordinated debt on Nov. 30.
The 10-year securities have a coupon of 4.15% and are callable on any coupon payment date after five years.
The notes were issued under the company's RM 5 billion tier 2 program. The program includes a tier 2 ringgit-denominated subordinated debt program, a tier 2 foreign currency subordinated debt program, a tier 2 ringgit-denominated junior sukuk program and a tier 2 foreign currency junior sukuk program.
Proceeds will be used to fund CIMB Bank's working capital requirements and general banking and corporate purposes.
Malaysian Rating Corp. Bhd. assigned an AA+ rating to the debt.
CIMB Bank is a 99.99% owned subsidiary of CIMB Group Sdn. Bhd., a wholly owned subsidiary of CIMB Group Holdings. The CIMB banking group is based in Kuala Lumpur.
| Issuer: | CIMB Bank Bhd.
|
| Issue: | Tier 2 subordinated debt
|
| Amount: | RM 1.5 billion
|
| Maturity: | 10 years
|
| Coupon: | 4.15%, payable semiannually
|
| Call option: | After five years on any coupon payment date
|
| Settlement date: | Nov. 30
|
| Rating: | Malaysian Rating Corp.: AA+
|
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