SingTel prints opportunistic $600 million bond

SingTel’s aggressively priced bonds tighten on the break, but widen amid weak credit markets.

Singapore Telecommunications SingTel tapped the US dollar bond markets early yesterday morning with an opportunistic $600 million 10.5-year bond.

SingTel is a relatively rare borrower and its new bonds initially tightened on the break to Treasuries plus 113bp110bp, slightly inside the Treasuries plus 113bp issue spread. However, they widened to Treasuries plus 115bp113bp yesterday morning amid weaker credit markets. At the time, the iTraxx Asia Investment Grade Index stood at 109bp...

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