KUALA LUMPUR (July 25): Malayan Banking Bhd (Maybank) has raised RMB1 billion via the inaugural issuance of renminbi bonds in China's interbank bond market after a bookbuilding process.

The proceeds raised will be used for general banking and other corporate purposes, Maybank told Bursa Malaysia in a filing today.

"This includes utilising the proceeds both onshore and offshore to support activities in connection with the Belt and Road Initiatives, including but not limited to, financing of projects within Asia in various sectors such as the utilities, mining, oil and gas and petrochemical sectors," Maybank added.

The three-year senior, unsecured bonds have a 4.6% interest per annum, said Maybank. They were rated AAA by China Chengxin International Credit Rating Co Ltd.

China Development Bank is the lead underwriter and bookrunner, while HSBC Bank (China) Co Ltd is the joint lead underwriter for the issuance, said Maybank.

Maybank said it obtained approval from the People's Bank of China on June 24 for the issuance of up to RMB6 billion in the interbank bond market. The issuance could be done in multiple tranches within two years from the date of approval.

Shares in Maybank closed down one sen or 0.1% at RM9.62 today with 7.47 million shares exchanging hands, giving it a market capitalisation of RM101.39 billion.