Clifford Capital debuts landmark dollar bond

The finance company issues Singapore’s first government guaranteed dollar note, pricing at the tightest spread seen from an Asian issuer in more than five years.
It is the first ever dollar bond guaranteed by the Singapore government that managed to price at the tightest end of the spread.
It is the first ever dollar bond guaranteed by the Singapore government that managed to price at the tightest end of the spread.

Clifford Capital sold a $300 million five-year guaranteed note on Tuesday, the first ever dollar bond guaranteed by the Singapore government that managed to price at the tightest end of the spread.

The Reg S senior unsecured note had an initial price guidance of Treasuries plus 57bp-60bp, and received a final guidance of Treasuries plus 53bp-55bp. The bond ended up pricing at the tighter end of the spread at 53bp above Treasuries, indicating strong demand for a rarely offered AAA-note, according to a source close to the deal.

“The issuance was successful as rates are super low right now and credit markets are very supportive,” said...

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