Olam International issues debut $250 million bond

Singapore’s Olam International prices an unrated 10-year issue paying a 7.5% fixed-rate coupon.

Singaporean company Olam International priced its first bond on the dollar market on Friday with an unrated, $250 million 10-year issue. Being a frequent borrower on the domestic Singapore dollar market, plus an issuer of convertible bonds in the past, the credit story was not a complete unknown to investors.

As a debutant to the dollar market, locking in the 10-year funding at attractive historical yields became the main reason for the borrower to go ahead with the deal despite a fairly flat period for traders last week. Olam, which is a commodity trading and supply-chain management company, “is a name that has access to the Singapore dollar market and loan markets at...

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