CIMB completes $499.5mn subordinated debt issue

The issue to be used to boost the lender’s working capital is part of a $1.66bn programme.

Malaysia's second largest lender CIMB Group said on Monday its subsidiary CIMB Bank has completed a 1.5 billion ringgit ($499.5 million) subordinated debt issue.

The issue, which was rated AA+ by Malaysian Rating Corp, was issued in two tranches. The 1.35 billion ringgit ($448.73 million) tranche with a maturity of 10 years callable at the end of the fifth year had a coupon rate of 4.15 percent, CIMB Group said in a stock exchange filing.

The 150 million ringgit ($49.85 million) tranche with a maturity of 15 years callable at the end of the tenth year had a coupon rate of 4.70 percent, it said.

View the full story in Reuters.