Bank of America launches Singapore bond

Bank of America utillizes the benefits of a low interest rate Singapore debt market by issuing a S$100 million bond.

Bank of America has become the latest international institution to take advantage of favorable conditions in the Singapore debt market, launching a S$100 million $57.3 million corporate bond via JP Morgan.

The 10-year notes carry a fixed rate coupon of 4%, payable on a semi-annual basis. Offered in denominations of S$250,000 the bonds were sold at a discounted issue price of 99.82% to give the issue a clean coupon of 4%. The transaction was rated Aa2 by Moody's Investor Service.

The deal offers a slight yield pick-up over a 10-year transaction issued last week via Deutsche Bank for Jackson National Life Insurance Company of the US. The $100 million ...

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