Busy tone: SingTel bond hits crowded market

New dollar-denominated offering hits a market struggling under the twin pressures of strong supply and concerted selling following recent new issue underperformance.

Busy tone: SingTel bond hits crowded market

Singapore TelecommunicationsĀ SingTel returned to the international bond markets for the first time in just over a year on Monday with a capped $500 million deal that entered a market showing very clear signs of indigestion.

Continuing strong supply has run up against secondary market selling pressure, leading Asian investment grade spreads to gap out by up to 12bp on the day.

Sales desks said much of the downward pressure...

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