JTC extends the curve

The Jurong Town Corporation has become the first issuer in the Singapore bond market to successfully sell a 12-year bond.

Twelve years No problem. That was the reaction from investors when the Jurong Town Corporation JTC successfully launched and closed the tender for its first 12-year bond deal. Previously the longest dated security denominated in Singapore dollars was a government 10 year. But by creating demand at the underwriter level, JTC managed to sell a bond two years longer, with a sub 5% yield.

The yield for the bonds has been set at 4.826% with a cut off yield at 4.87%. This equates to a spread of 42 basis points over the government 10 year. Demand for this paper was very strong from investors, says Cynthia Teong, managing director of...

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