Jurong Shipyard sells longer dated bonds

JURONG Shipyard, a wholly owned unit of Sembcorp Marine, has sold S$600 million bonds, with one tranche having a 15-year tenure, a long duration not seen in recent years for non-bank corporate issuers.

The debt issue by Jurong Shipyard offered two tenures - seven years for S$275 million and 15 years for S$325 million. Both the tranches received orders in excess of S$400 million.

Growing demand for longer-dated bonds meant Jurong could price at the lower end of its initial guidance.