Affin Group is entering the US dollar bond market by issuing $300 million of unsecured notes under its $2 billion euro medium-term note (EMTN) program.
The issuance follows the establishment of the EMTN program and Affin’s recent first international credit rating of A3 (Stable) from Moody’s Investor Services, Inc.
According to Affin, the notes are priced at 105 basis points over the five-year United States (US) Treasury yield, indicating the bank’s strengthened credit and stable outlook.
Affin said the issuance received strong global demand with end-market demand exceeding $1 billion from 67 investor accounts, showing a 3.5-fold oversubscription.
The bank further added that the notes will be distributed 24% to banks, 4% to private banks and 72% to asset managers.
Geographical distribution is 87% allocated to investors in Asia, the Middle East and Africa (EMEA), 11% to investors in Europe and another 2% to US offshore investors.
Affin Group Group Chief Executive Officer, Datuk Wan Razly Abdullah said the first appearance in the US dollar bond market was an important development in attracting global investor interest.
