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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.

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

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.