PSA International prints $500 million bond

In a low-yielding environment, PSA manages to price a benchmark deal paying a 3.875% coupon.

In an environment of low US Treasury yields and an all-round benign market backdrop, it is an ideal time for high-quality issuers to come to market. Temasek’s wholly owned shipping company, PSA International PSA, fit that description well, pricing a $500 million bond issue on Wednesday.

PSA last accessed the market back in September 2009. The new issue offered a strong scarcity value for investors and attracted $2.2 billion of orders from 180 accounts.

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