ST Engineering prices $500 million bond

The Singapore defence and engineering group re-opens the Asian market for the highest quality issuers by tapping its MTN programme.

Singapore Technologies Engineering STE sold $500 million of 10-year notes late last night Hong Kong time, making it the first triple-A-rated borrower from non-Japan Asia to tap the international bond markets since 2006.

On Monday July 7 STE said it planned to sell $1.2 billion worth of medium-term notes MTN in several currencies to finance future investments. But the conglomerate, majority-owned by Singapore sovereign wealth fund Temasek, plans to stagger its capital raising over time and had no need...

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