A year is a long time in the capital markets and who better to demonstrate it than those consummate Financial politicians in Malaysia.
In December 1998 the government borrowed $1.25 billion and ¥11.6 billion from the 12 foreign banks in Malaysia. It cost 290 basis points over Libor.
A year later that quasi-bilateral arrangement was formalized into a syndicated loan from 26 banks and repriced at 120bp over Libor for the dollar portion and 107.5bp over Tibor for the yen tranche.
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