Investors eye repeat high returns from TNB bonds

INVESTORS burned by US$124bil of defaults in the US last year are looking to Tenaga Nasional Bhd (TNB), which had one of Asia’s top-returning bonds in 2002, for a repeat performance in 2003. 

TNB’s 7.5% dollar bond maturing in January 2025 returned 29% in 2002, including reinvested interest, Bloomberg data shows. South-East Asia’s biggest utility said it planned to sell more debt this year, after two sales of commercial paper last week in Malaysia to raise ringgit.