Agricultural commodities trader Olam International sold its first US dollar-denominated perpetual bond on Wednesday taking advantage of strong primary markets and investors’ ongoing hunt for yield.
Proceeds from the $500 million subordinated deal are being largely used to re-finance an S$275 million $204 million perpetual bond, which is callable next March and has a higher 7% coupon. Â
The unrated borrower played very much to its home market, attracting a peak order...