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RHB Bank plans to issue RM600mil of hybrid tier-one conventional bonds as part of a capital raising exercise, a financial source said yesterday.

RHB’s investment bank was handling the books for the 30-year issue, said the source, adding that the bonds had a 10-year call option. Books for the issue would close tomorrow, the source said. RHB did not immediately return a call seeking comment.

“It is an innovative structure, it’s not a plain vanilla bond. Any funds they raise from this will go directly to tier-one capital ratio,” said the source, who did not want to be named. – Reuters

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