Braddell, the internationally-based, wholly-owned subsidiary of DelGro Corporation, SingaporeÆs largest transportation company, has launched its first ever bond deal with a S$100 million $55.04 million offering.
Credit Agricole Indosuez and Deutsche were brought into to co-lead manage the transaction.
The deal establishes a few precedents for the Singapore debt market. To start with, it is the first time a Singapore-dollar bond has been issued by a Singapore corporation through one of its non-resident subsidiaries.
More interestingly, the deal will be launched through a S$500 million multi-currency, medium-term note MTN program that will allow DelGro, Braddell and Singapore Bus Services ù of which DelGro owns a 75% share ù to issue bonds through...