NOL issues S$-denominated perpetual capital securities

The company has mandated DBS Bank as the global coordinator for the issuance.

According to OCBC, Neptune Orient Lines (NOL) announced it has mandated DBS Bank as the global coordinator and DBS Bank, The Hongkong and Shanghai Banking Corporation, Oversea-Chinese Banking Corporation and Standard Chartered Bank as joint lead managers in the issuance of S$-denominated perpetual capital securities.

Here's more from OCBC:

Subject to market conditions, this proposed transaction is expected to be launched after investor meetings in Singapore commencing today. NOL said proceeds from this issuance will be used for general corporate funding purposes and investments. We currently have a HOLD rating and a fair value estimate of S$1.38/share on NOL.

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