Barclays, Fragrance Group price separate Singapore-dollar bond deals

TWO Singapore-dollar bond deals worth S$300 million were priced on Friday.

Barclays has issued S$200 million in Tier 2 subordinated callable notes due in May 2030.

These bonds have a coupon rate of 3.75 per cent until the call date of May 23, 2025, following which it resets at the prevailing five-year Singapore-dollar swap rate plus the initial re-offer spread.

They are expected to have an issue rating of Baa3 (negative) by Moody's and A- (stable) by Fitch Ratings.

Barclays is the global coordinator for these notes. The bookrunners are Barclays, DBS Bank Ltd, OCBC Bank, Standard Chartered Bank and UOB.

Separately, Fragrance Group has issued S$100 million in senior unsecured notes as part of its S$1 billion debt issuance programme.

The bonds, which will be due in Nov 23, 2021, has a coupon of 4.75 per cent, or 296.9 basis points above the four-year Swap Offer Rate (SOR).

DBS was the sole lead manager and bookrunner.