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Clifford Capital prices US$300m 5-year bonds at 1.733%

TEMASEK-BACKED Clifford Capital, a specialist provider of structured finance solutions, is offering US$300 million five-year senior unsecured notes at par.

Guaranteed by the Singapore government, the notes will carry a 1.733 per cent coupon, with the first payment to be made on Mar 1, 2020.

This represents a spread of 35 basis points above five-year US Treasuries, DBS Bank said on Tuesday night.

DBS Bank, HSBC and Standard Chartered Bank are the joint bookrunners for the deal.

The settlement date will be Sept 10, 2019, and the bonds will mature on Sept 10, 2024.

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Proceeds from the issuance, which is part of Clifford Capital’s US$1.4 billion euro medium-term note programme, will be used for general corporate purposes.

The notes are expected to be rated “AAA” by Standard & Poor’s.

Clifford Capital offers project finance, asset-backed and other structured debt financing, as well as buyers’ credit financing solutions for Singapore-based companies in support of their overseas investments or exports in the infrastructure, offshore marine and shipping sectors.

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