Singapore Power lights up bond markets

Asia''s largest corporate bond deal of 2003 finds a willing audience.

An acquisition financing and re-capitalization for Singapore Power was completed via an S$3 8 billion ($2 2 billion) four tranche bond issue last night (Thursday) The huge rarity value of the transaction by wholly-owned subsidiary SP PowerAssets (SPPA) meant the Aa1/AA+ rated credit did not have to cede an inch on price in to achieve its desired size

Instead, lead managers DBS and Morgan Stanley were able to use rapidly building momentum as a lever to revise indicative pricing tighter and eventually price through the levels of higher rated international comparables

A $600 million five-year tranche was priced at 99 955% on a coupon of 3 8% to yield 3 81% This equates to a...

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