Trafigura sells $200m 7.5% perpetual bonds

TRAFIGURA Beheer BV has sold its first Singapore dollar $200 million perpetual bonds non-call five priced at 7.5 per cent.

"Non-call five" means the bonds cannot be redeemed before the fifth year.

The Dutch-based commodity giant, which has its main booking entity for the group's trading activities in Singapore, received orders approaching $300 million, said DBS Bank yesterday.

The perpetuals have a call option at the fifth year, with the first call on Feb 19, 2019.

The interest rate of 7.5 per cent is fixed until 2019 and reset every five years thereafter, based on the five-year swap offer rate plus initial credit spread of 595.5 basis points. It has a step up of …