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Public Bank to redeem 888M ringgit of perpetual securities

Malaysia's Public Bank Bhd. will fully redeem 888 million ringgit of cumulative perpetual capital securities on Nov. 13.

The securities, which are due Nov. 13, 2059, were issued in 2009 with a coupon rate of 7.20% per year. The securities were stapled to subordinated notes issued by Public Bank subsidiary PBFIN Bhd.

As of Oct. 1, US$1 was equivalent to 4.19 Malaysian ringgit.