Bonds from NTUC, ICICI

NTUC beats summer lull with blockbuster bond

Investment-grade names find liquidity despite the summer holiday season.
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NTUC Income's bond sale attracted record demand in Singapore
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<div style="text-align: left;"> NTUC Income's bond sale attracted record demand in Singapore </div>

August used to be a time when investors packed their bags and headed off for summer vacation, but not anymore. On Tuesday, Singapore’s NTUC Income Insurance Cooperative and India’s ICICI Bank both closed heavily subscribed bond offers, suggesting there is plenty of liquidity for the right names.

Insurer NTUC Income on Tuesday night set a new benchmark in the Singapore dollar market when it priced a S$600 million $480 million subordinated bond. The deal was a debut bond for NTUC Income, and a rare one out of the insurance sector. As such, it attracted a blowout S$9 billion $7.2 billion worth of orders, the biggest book ever for a Singapore...

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