ORISSA

Issued in July, the bonds are in S$250,000 (US$151,000) denominations. Three-year bonds will bear interest at the six-month Singapore dollar swap offer rate less 0.06% per annum, and 10-year bonds will earn 2.83% interest per annum, both payable semi-annually.

The Korean steel producer Posco is to invest $900m in the construction of a dedicated port facility at Orissa, in India. The terminal will be built in two phases and will serve the new $12bn steel plant being constructed in the state of Jatadhari. Initially, $600m will be spent on implementing the initial phase, which will consist of two modules costing respectively $400m and $200m. As part of a second phase, a further $300m will be invested.