MNRB unit issues RM200 mil subordinated MTN under RM800 mil programme

TheEdge Wed, Oct 26, 2022 06:07pm - 1 year View Original


KUALA LUMPUR (Oct 26): Insurance firm MNRB Holdings Bhd’s wholly-owned unit Malaysian Reinsurance Bhd issued RM200 million subordinated medium-term notes (MTN) on Wednesday (Oct 26), as part of its RM800 million MTN programme.

The said issuance — which carries a tenure of 10 years non-callable five years, and a coupon rate of 5.21% per annum — has been fully subscribed by various investors and will be used entirely for working capital, said MNRB in a bourse filing.

MNRB noted that RAM Rating Services Bhd has assigned an AA3 rating to the subordinated MTN under the programme.

“The subordinated MTN qualifies as Tier 2 capital under Bank Negara Malaysia’s Risk-Based Capital Framework for insurers and will further strengthen its capital base to support its medium-term Business Remodelling Plan,” said MNRB.

Maybank Investment Bank Bhd is the principal adviser and lead arranger for the MTN programme.

Meanwhile, Affin Hwang Investment Bank Bhd, CIMB Investment Bank Bhd and Maybank IB are the joint-lead managers for the issuance.

MNRB shares closed unchanged at 88 sen on Wednesday, bringing it a market capitalisation of RM689.12 million.

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