IOI Corp opens the equity-linked market for 2008

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

IOI Resources last night became the first company globally to issue equity-linked bonds in 2008 when it launched and priced a highly anticipated exchangeable into Malaysian palm oil producer IOI Corp.

While undoubtedly helped by the rising palm oil prices and the fact that investors have made money on two previous exchangeables into IOI, the demand was nevertheless impressive and suggests investors are ready for more CBs. While the credit environment hasnÆt changed much since the significant widening at...

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