MAS closes ECGD bond

Malaysian Airlines (MAS) has closed a $302 million UK Export Finance-backed bond (ECGD bond). This transaction represents the largest ever ECGD bond issuance and only the fourth ECGD deal. The MAS transaction is also the first ECGD bond deal for an Asian carrier. The bond, which carries a final maturity of 11.17 years and an average life of 5.89years, priced efficiently at m/s+90 bps, consistent with the prior ECGD bond deal done last month (but for a larger deal size). The transaction refinanced the bank facility financing of four A330s at a spread of m/s + 90 bps and a