HDB prices S$900m notes due 2028 at 1.54%

THE Housing and Development Board (HDB) has priced S$900 million worth of seven-year senior unsecured notes at a semi-annual fixed coupon rate of 1.54 per cent.

The notes are under HDB's S$32 billion multicurrency medium-term note programme, and will mature on Oct 12, 2028, according to a term sheet on Tuesday.

The notes are in denomination of S$250,000, and are expected to be rated AAA by Fitch Ratings.

Proceeds from the issue will be used to finance the development programmes of HDB and its working capital requirements as well as to refinance existing borrowings.

Coupon payments will be made on April 12 and Oct 12 each year, with the first payment on April 12, 2022.

The joint lead managers and bookrunners for the deal are CIMB Bank Singapore branch, DBS, Maybank Kim Eng, Standard Chartered Bank (B&D) and UOB.