Charoen's revamp plan for F&N winning over bond market investors
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Singapore
THAI billionaire Charoen Sirivadhanabhakdi is getting support in the bond market for his plan to reorganise Fraser and Neave Ltd (F&N), a maker of beverages, books and luxury condos.
The 130-year-old Singapore conglomerate, which Mr Charoen bought this year, sweetened terms after debt holders refused a bid last month to change the conditions on notes including its 2016 Singapore-dollar bonds so it could spin off its property unit. The yield on those securities has dropped to a two-month low at 2.27 per cent, DBS Group Holdings Ltd prices show. Corporate yields in the currency average 3.15 per cent, according to HSBC Holdings Ltd.
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