SingTel's $700 million bond prices tightly thanks to Temasek halo

Singapore Telecommunications (SingTel) early this morning priced a $700 million five-and-a-half-year bond, attracting strong demand from high-quality accounts. The bonds priced at Treasuries plus 150bp, about 12.5bp inside the initial guidance, which was around Treasuries plus 162.5bp. The expected issue size was $500 million, but the deal ended up raising more thanks to a robust order book north of $3 billion.