Amtek $200m NC3 notes sold out in hours

PRIVATE bank investors are expecting rich pickings with the maiden bond issue of Amtek Engineering, snapping up the notes within a few hours of its Tuesday launch.

The $200 million five-year non-call 3 (NC3) bond issue for the Singapore-based maker of Apple iPhone chargers and vehicle parts for Tesla Motors was priced at a princely 6.9 per cent, said DBS Bank yesterday.

NC3 means the bonds cannot be redeemed before the third year.