PNB weighs first exchangeable bond sale

HONG KONG: Malaysia’s biggest state-owned fund manager, which owns more than 10% of the local stock market, is considering its first sale of exchangeable bonds as it seeks to raise funds for overseas investments.

Permodalan Nasional Bhd is exploring all options including an offering of exchangeable bonds, or notes backed by shares in a listed company, a representative said Thursday in response to Bloomberg queries. PNB recently asked investment banks to submit proposals for the potential deal, people with knowledge of the matter said.