PSA International, a Singapore-based port operator, priced a new 10-year $500 million benchmark bond on Thursday night. The company has not issued new dollar-denominated debt since 2006 and investors responded warmly to the opportunity to buy such a strong credit, reportedly placing orders worth $2.5 billion in just a few hours.
The company reacted quickly to take advantage of investors' improving mid-week mood and the joint lead managers -- DBS, J.P. Morgan and Nomura -- started taking orders on Thursday morning. By 4.30pm Singapore time the bankers had closed the books and later priced the deal at 140bp over US Treasuries after tightening the price guidance to 140bp to 145bp.
Investors were looking to...
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