Golden Agri-Resources puts CB on ice

Turbulence in the equity and debt markets persuades the palm oil company to hold its $300-400 million five-year convertible bond.

Singapore-listed Indonesian crude palm oil company Golden Agri-Resources is holding its estimated $400 million convertible bond in the face of weakening sentiment around the region. The decision follows spectacular falls in major equity markets last week, followed by an unconvincing recovery on Monday.

Citi and BNP Paribas Peregrine are global co-ordinators on the deal and UBS has a joint book role.

This is the second deferral since last Wednesday-Thursday, when the deal was pushed back to this week, with pricing...

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