Singapore

SPORTING a long 30-year tenor rarely seen in non-government issuances, NTUC Income Insurance Co-operative's latest offering has proven popular. Final orders exceeded S$2.4 billion for the S$800 million 30NC20 Tier 2 subordinated notes, even after a 40 basis point (bps) yield tightening.

Investors were eager to snap up the issuance, which established several milestones in the Singapore dollar bond market. Besides being the largest subordinated debt issue since 2012 in the Singapore dollar bond market, it is also the longest dated subordinated offering in this market to date.