KUALA LUMPUR, July 5 (Bernama) -- Etiqa Insurance Bhd, the insurance arm of Maybank Group, has issued its maiden Tier-2 capital subordinated bonds of RM500 million.
In a statement here, Etiqa Insurance said the bond, lead-arranged by Maybank Investment Bank Bhd, was rated 'AA1' by RAM Rating Services Bhd.
It carried a tenure of ten years from the date of issuance on a 'ten-year non-call five' basis, it said.
"The bonds will qualify as Tier-2 capital of Etiqa Insurance, subject to compliance with the requirements as specified in the Risk-Based Capital Framework for Insurers issued by Bank Negara Malaysia for purposes of capital adequacy regulation," it said.
Maybank Group chief financial officer/officer-in-charge, Mohamed Rafique Merican Mohd Wahiduddin Merican, said the maiden subordinated bonds were successfully concluded and received a firm and positive response from investors in the capital markets despite challenging global market condition.
"This is a testament to the robust credit profile of Etiqa as Malaysiaâ€™s leading insurance group," he said. -- BERNAMA