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...

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