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Shangri-La Asia sells S$825m 7-year bonds at 4.50%

SHANGRI-LA Asia has sold an S$825 million seven-year bond at 4.50 per cent, in one of the largest non-bank deals in years. 

The bonds which are guaranteed were priced lower than the inital price guidance of 4.625 per cent area.

Orderbooks were over S$1 billion, including joint lead managers (JLM) interest, from 51 accounts, said DBS Bank on Friday.

DBS and United Overseas Bank are the JLMs and joint bookrunners for the deal.

The S$825 million deal is the largest senior dated bullet bonds issued by an unrated corporate issuer in a single tenor offering over the last 20 years in the Singapore dollar debt capital markets, said Clifford Lee, DBS Bank head of fixed income.

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And with investors familiar with the issuer, that's why the bond sold well in the current soft market, he said.

The unrated bonds are sold under the issuer's  US$4 billion Euro Medium Term Note Programme.

The allocation of the bonds by investor type was banks (41 per cent), funds, corporates and institutions (37 per cent) and private bank (22 per cent.)

"It was an attractive asset for banks as well," said Mr Lee noting the high demand from banks.

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