Olam's $400 mil bond issue well received by DBS private banking clients

DBS Bank says there was strong demand for Olam International’s five-year $400 million bond issue from its private banking clients.

The bank says it received orders exceeding $1.7 billion from 102 accounts. The bonds were priced at a final coupon of 4.25%.

By allocation, private banks got the bulk of the deal at 80%, fund managers, insurers and banks at 16% and others at 4%.

DBS Bank, HSBC and The Royal Bank of Scotland handled the sale.

The issuance by Olam is part of its US$5 billion euro medium-term note programme.

Olam became a subsidiary of Temasek Holdings in May this year.