Pacific Andes bonds snapped up

PACIFIC Andes Resources Development's (PARD) inaugural Sing-dollar bond issue sold like hot cakes yesterday in what has become a familiar refrain in the local debt market.

The frozen fish supplier is said to have received orders exceeding S$2 billion for its three-year issue expected to be around S$200 million, said a source. The bonds will be priced at 8.50 per cent, down from an initial 8.75 per cent, the source said.

Private bank clients again account for the lion's share of the deal.