HK firm's first S$ bond issue 10 times subscribed

FAR East Horizon Ltd (FEH) has made a strong debut in the local bond market as Chinese bond fever reaches Singapore. The Hong Kong-listed Chinese financial services company launched its maiden, $400 million 31/2-year bond issue yesterday, pricing it at 4.25 per cent.

The final order book was $3.8 billion, almost 10 times subscribed, said DBS Bank, one of the two joint lead managers, along with Standard Chartered Bank, for the deal.

Although this was the firm's first Singapore dollar (SGD) bond, it has been active in other bond markets, said Clifford Lee, DBS head of fixed income.