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Trafigura US$500m perps six times subscribed

STRONG demand was seen for oil trader Trafigura Group's latest fundraising deal.

The group saw orders of US$3 billion for its US$500 million issue of perpetual resettable step-up subordinated securities, The Business Times understands.

Demand came from institutional investors. Yield is guided to be 6.875 per cent. The perpetual securities are not callable before year five.

Trafigura has been experiencing strong growth in its oil and petroleum products trading business, notably in Asia.

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