Olam returns to dollar bonds for tap

The Singapore-based commodities trader reopens April 2021 bond amid deluge of dollar bond supply.

Singaporean commodities trader Olam International returned to the international bond market this week, selling a $150 million tap to an outstanding bond that came ahead of a deluge of supply.

The company tapped its outstanding $300 million 4.5% April 2021 on Wednesday, generating around $300 million of orders for the deal.

The deal came after Olam, which counts Singapore sovereign wealth fund Temasek and Japan’s Mitsubishi as its largest shareholders, announced upbeat second-quarter results in August following its acquisitions of food processing businesses in Nigeria and the US.

Olam’s tap only adds to a huge supply of dollar bonds recently.

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