Clifford Chance

Clifford Chance advises Affin Bank on establishment of US$2 billion EMTN programme and debut US$300 million bond issuance

Global law firm Clifford Chance has advised Affin Bank Berhad (Affin Bank) on the establishment of its US$2 billion Euro Medium Term Note Programme and its debut US dollar offering of US$300 million 5.112 per cent notes due 2030 (the Notes) listed on the Singapore Exchange Securities Trading Limited. Affin Bank and the Notes are rated A3 by Moody's Investor Services, Inc.

Affin Bank is the second Malaysian bank to enter the US dollar bond market in 2025.

Earlier this year, Clifford Chance advised the joint lead managers on AmBank (M) Berhad's (AmBank) US$300 million bond issuance. The issuance was AmBank's debut issuance in the US dollar bond market.

Lead partner Gareth Deiner said, "Affin Bank's successful debut in the US dollar bond market reflects a growing trend among Malaysian financial institutions seeking to capitalise on international funding opportunities. Given current market conditions, we anticipate an increasing number of issuers from this region, whether financial institutions or corporates, as they look to diversify funding sources and tap into the robust demand for ASEAN credit."

Gareth was supported by counsel Claire Neo and associate Chak Ching Lau.

Clifford Chance continues to build on its strong track record of advising on key capital markets transactions in the ASEAN region, including Muangthai Capital's debut US$335 million issuance of social bonds, the Republic of Indonesia on its US$2.35 billion global sukuk, and Asia's first ever sustainability-linked perpetual securities.