palm oil

The oil palm plantation company will be the first Indonesian issuer of size to complete an IPO for more than a year and the first in 2009 to have marketed its offering to international investors.

The convertible is well-received by both outright investors and hedge funds despite coming on the back of a near 300% gain in First Resources' share price since the March lows.

The upsized $600 million exchangeable attracts strong demand, allowing the yield to be fixed at the tight end.

The bonds are re-offered below par as risk-averse investors, and a lack of hedging opportunities, pose a challenge.

The palm oil producer is set to raise $122 million from Indonesia's first internationally marketed IPO this year.

The Singapore-listed Indonesian producer of edible palm oil products sells a maximium number of shares at the highest price.

The Indonesian palm oil company, which is primarily a consumption play, will trade in Singapore following the backdoor listing.

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

The Indonesian-based palm oil producer prices shares close to top end of the price range after playing into investor demand for alternative energy assets.