| Issuer / Guarantor | Cerah Capital Ltd / Khazanah NB |
|---|---|
| Size | USD 500mn |
| Type | Exchangeable into Tenaga |
| Leads | CIMB, JP Morgan, Maybank, UBS |
| Maturity | 14 Aug 2030 (5 years) |
| Coupon | 2.25% (1.75 - 2.25%) |
| Premium | 15% (15%) |
| Calls | @ 100% from Aug 2028 (3 yrs); 130% trigger |
| Puts | 3yrs @ 100% |
| Div protection | Ratio adjustment (Full) |
| T/o protection | None |
| CoCo | None |
| Announced | 24 Jul 2025 |