Deutsche launches Singapore bond for US insurers

Deutsche Bank today launched a S$100 million ($57.2 million) bond deal for Jackson National Life Insurance Company, a US subsidiary of the Prudential Group.

It was the issuer's first offering in the domestic Singapore debt market. The Development Bank of Singapore DBS and the Overseas-Chinese Banking Corporation OCBC acted as co-leads.

The 10-year notes, rated AAA by Standard Poor's and Aa3 by Moody's Investors Service, carry a 3.92% coupon, to be paid on a semi-annual basis. The re-offer price was set at par.

The transaction highlights the willingness of foreign investors to try their luck in the Singapore market, and to do...

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