NOL issues first bond from $1 billion MTN programme

Singapore''s Neptune Orient Lines has issued the first bond deal from its recently established MTN programme.

Neptune Orient Lines NOL of Singapore, the global transport and logistics group whose core business is shipping, has come to market with the first bond deal from a $1 billion medium-term note MTN programme.

MTN arrangers - Overseas Chinese Banking Corporation OCBC, Overseas Union Bank OUB, Societe Generale and Standard Chartered - are acting as lead managers of the transaction.

The offering comprises a S$540 million $297.2 million seven-year fixed rate, carrying a coupon of 4.09%. NOL has the right of early redemption of the bonds after five years.

The use of an MTN programme, the second to be established in Singapore in a week following Credit Agricole Indosuez and Deutsche...

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