Singapore port operator PSA prices 10-year benchmark dollar bond

PSA International raises $500 million in 10-year benchmarking exercise.

PSA International, a Singapore-based port operator, priced a new 10-year $500 million benchmark bond on Thursday night. The company has not issued new dollar-denominated debt since 2006 and investors responded warmly to the opportunity to buy such a strong credit, reportedly placing orders worth $2.5 billion in just a few hours.

The company reacted quickly to take advantage of investors' improving mid-week mood and the joint lead managers -- DBS, J.P. Morgan and Nomura -- started taking orders on...

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