Fullerton Health rides Brexit risk aversion to sell 'AA' bonds
Tight pricing of S$100m issue attributed to a number of factors, including flight-to-quality flows
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Singapore
PRICING S$100 million of investment grade debt just days after Britain voted to leave the European Union (EU) may have helped Fullerton Healthcare Corp to benefit from flight-to-quality flows, Fullerton chief financial officer Ramesh Rajentheran said on Thursday.
Fullerton priced S$50 million of five-year senior unsecured notes due 2021 at par with a coupon of 2.45 per cent, representing a spread of 72 bps over SOR (swap offer rate). Another S$50 million of seven-year notes due 2023 were also priced at par with a coupon of 2.75 per cent, representing a spread of 83 bps over SOR. The notes are rated "AA" by Standard & Poor's.
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