MISC Bond Issue Not Happening

Tuesday, February 27, 2001
Malaysia International Shipping Corp (MSIC) said on Tuesday it had no immediate plan to issue any bonds. Replying to a stock exchange query, the Malaysian flag carrier however said it was considering undertaking an international rating exercise. Traders told Reuters on Monday that MISC was planning to issue yankee bonds worth up to $500 million in the next few weeks. The MISC issue was seen as likely to precede a similar issue by its parent Petronas. The state oil firm owns 62 percent of MISC. Sources had said MISC could be borrowing under Petronas' name to enjoy better rates. But MISC said the report was mere speculation. "MISC is not going for any bond issue in the immediate future," it said. "MISC is considering undertaking an international rating exercise." - (Reuters)

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