Temasek-backed Olam closes debut dollar perpetual

A combination of strong market conditions, investors' hunt for yield and a Temasek halo propels order book for Singapore-listed Olam.

Temasek-backed Olam closes debut dollar perpetual

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.  

The unrated borrower played very much to its home market, attracting a peak order...

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