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...