HDB issues S$700m notes due in 2027

THE Housing and Development Board (HDB) has issued S$700 million worth of seven-year notes carrying a fixed coupon rate of 1.76 per cent per annum.

They are rated Aaa by Moody's Investors Service and will mature on Feb 24, 2027, Singapore's public housing authority said in a media statement on Monday night.

The notes are in denominations of S$250,000 and were offered by way of placement to investors.

They were launched under HDB's S$32 billion multicurrency medium-term note programme, under which HDB may from time to time issue bonds to finance its development programmes and working capital requirements as well as to refinance existing borrowings.

The Singapore Exchange has given approval in-principle for the listing and quotation of the new notes on the bourse.

The joint lead managers and bookrunners are DBS Bank, Maybank Kim Eng Securities, Standard Chartered Bank (Singapore) and United Overseas Bank.

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The new issuance comes about three months after HDB sold a S$700 million five-year bond, also under its S$32 billion programme. The senior unsecured bond matures on Nov 25, 2024 and carries a 1.75 per cent coupon.