Strong demand for exchangeable bond into IOI Corp

Pricing is pushed to the aggressive end of the range as the long-awaited bond issue is more than six times covered.

IOI Capital has sold $370 million worth of bonds exchangeable into its parent company, Malaysian palm oil producer IOI Corp, at a price that must be described as aggressive.

IOI Corp, which also manufactures oleochemicals and specialty oils and fats and is active within property development and investments through a subsidiary, will act as guarantor for the bonds.

With $2.5 billion worth of orders and 125 accounts in the book, Citigroup as the sole bookrunner managed to push the yield...

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