PowerSeraya debuts in Singapore bond market

The Singapore generating company garners huge demand despite questions over future ownership.

PowerSeraya, one of the three generating companies spun off from Singapore Power, closed its inaugural Singapore dollar bond yesterday. The company raised S$350 million $195 million for seven years at 80bp over the swap offered rate SOR, up from the original targeted size of S$250 million.

Priced at par, the bond carries a coupon of 3.97%. JPMorgan and OCBC led the deal and they had initially gone out with price guidance of 85bp-90bp. This was...

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