Not what the Singaporeans ordered... Here's embattled agriculture combine Olam on Tuesday morning: The stock initially spiked 8 per cent in Singapore trading before... This follows Monday's oh-so-fancy fully underwritten $750m cash call, structured as a bond issue with warrants attached. The idea was to demonstrate that Olam still has access to the capital markets following Muddy Waters" aggressive claims that the the company is over-stretched and may well fail. Instead the exercise just seems to have demonstrated that Olam perhaps only has access to its keystone shareholder, Singapore's state-owned Temasek. Oh, and it still has the ability to pay investment banking fees: DBS, HSBC, Credit Suisse and JPMorgan are on the rights issue ticket. The shorts in this stock have refused to panic. Maybe the Singapore stock exchange is more mature than we realised. Related links: Temasek backs Olam rights issue - FT Muddy Waters weighs on commodities traders - Commodities Note