ST Telemedia's first benchmark-sized SGD perpetual of the year gets sizzling reception

Singapore

THE local bond market is opening up nicely with hot demand for the Singapore Technologies Telemedia (STT) perpetual deal, which has come hot on the heels of Swiss Re's S$350 million 15-year issue at 3.125 per cent done on Wednesday, pulling in orders of more than S$1.4 billion.

Orders for STT's S$375 million benchmark size NC 7 perpetual reached over S$2 billion by early Thursday afternoon, leading to the price being tightened to 4.10 per cent from the initial price guidance of 4.375 per cent, according to bank messages seen by The Business Times.