Neptune Orient Lines (NOL) has postponed plans for a perpetual bond issue due to market conditions, Seatrade Asia online reports.
Last week NOL mandated DBS Bank as global coordinator and DBS, Hongkong and Shanghai Banking Corporation Limited, Oversea-Chinese Banking Corporation and Standard Chartered Bank as joint lead managers for an offering of Singapore dollar-denominated perpetual capital securities. However, following meetings with investors from 27 March it has decided to put the planned issue on hold.
“In view of the current market conditions in Asia, the company has decided to postpone the proposed issue of the securities to a time when the market conditions are more favourable for a benchmark issue,” NOL said
Last week NOL mandated DBS Bank as global coordinator and DBS, Hongkong and Shanghai Banking Corporation Limited, Oversea-Chinese Banking Corporation and Standard Chartered Bank as joint lead managers for an offering of Singapore dollar-denominated perpetual capital securities. However, following meetings with investors from 27 March it has decided to put the planned issue on hold.
“In view of the current market conditions in Asia, the company has decided to postpone the proposed issue of the securities to a time when the market conditions are more favourable for a benchmark issue,” NOL said
