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New ABN Amro 10-year SGD bond issue gets strong demand

Wednesday, March 23, 2016 - 15:48

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ABN Amro Bank sold on Wednesday a new 10-year Singapore dollar (SGD) bond issue which is said to have received strong demand.

ABN Amro Bank sold on Wednesday a new 10-year Singapore dollar (SGD) bond issue which is said to have received strong demand.

The last update sent to investors after books closed after 3pm said that orders were in excess of S$1.3 billion. The final price is 4.75 per cent, lower than the initial price guidance of 4.85 per cent area.

The bonds are a 10-year, non-call 5 issue. Non-call 5 means the issuer will not call or redeem the bonds before five years.

Issue size, which has not been decided, is benchmark for an SGD issue which ranges from S$200 million to S$300 million.

"The hard work of allocation and deciding on the size begins now," said a banker close to the deal.

Issuer ratings are A2 (stable) / A (stable) / A (stable) (Moody's / S&P / Fitch).

The issue is expected to be rated Baa3 / BBB- / A- (Moody's / S&P / Fitch).

Joint lead managers are DBS Bank, HSBC and Standard Chartered Bank.

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