Deutsche launches Singapore bond for US insurers

Deutsche Bank today launched a S$100 million ($57.2 million) bond deal for Jackson National Life Insurance Company, a US subsidiary of the Prudential Group.

It was the issuer's first offering in the domestic Singapore debt market. The Development Bank of Singapore DBS and the Overseas-Chinese Banking Corporation OCBC acted as co-leads.

The 10-year notes, rated AAA by Standard Poor's and Aa3 by Moody's Investors Service, carry a 3.92% coupon, to be paid on a semi-annual basis. The re-offer price was set at par.

The transaction highlights the willingness of foreign investors to try their luck in the Singapore market, and to do longer-dated deals in the current interest rate environment. More and more foreign corporates are turning to raise capital, particularly in Singapore, says Sim Buck Khim, head of debt capital markets at Deutsche's Singapore office. Regional...

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