CIMB Thai completes Malaysia's first ringgit bonds
CIMB Thai Bank has successfully raised 400 million ringgit through a sub-bordinated debt issue.
In a statement, the bank said that it completed the issuance on July 7. The funds are counted as tier-2 capital, according to the Basel III standards.
The issue, out of a 2 billion ringgit Subordinated Debt Programme, represents a landmark transaction in the Malaysian Ringgit (MYR) bond market marking it as Malaysia's first MYR denominated Basel III subordinated debt issuance by an offshore bank. A myriad investors comprising insurance companies (25 per cent), assets managers (39 per cent), private banking accounts (33 per cent) and banks (3 per cent) participated in this landmark transaction.
CIMB Thai Bank is part of Malaysia’s CIMB Group.
"This successful transaction is also a testimonial to the depth of the MYR bond markets, and also an evidence of the confidence that investors have in CIMB Thai and Thailand, as well as ability of CIMB to explain to Malaysian investors about the current political situation in Thailand", added Subhak.