Singapore borrowers step up to the market

PSA Corp, Singapore Power and Keppel Corp are all about to launch new bond offerings, in a display of the growing importance the Lion City attaches to controlled use of debt.

In a surprising move, Singapore Power and PSA Corp are likely to price their bonds at the beginning of next week. Singapore Power is scheduled to launch a maiden local currency offering on Monday and PSA will unveil its debut dollar-denominated offering on Tuesday.

Singapore Power's sudden appearance in the domestic bond market has caught many observers off guard. Having launched what has come to be regarded as Singapore Inc's first international benchmark in mid-April, the group was not expected to make its domestic debut until the beginning of next year at the very earliest.

With Deutsche Bank as lead manager, the group's new deal will comprise an S$300 million $171.8 million three-year...

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