Singapore Technologies

In a tough enviroment Barclays breaks into the Singapore market
In 2002 BA Asia won the mandate to arrange a S$500 million $280 million three year fundraising for Singapore Technologies Holdings. This deal struggled through syndication and was eventually pulled in the early part of 2003. Banks shied away from the tight pricing offered on the credit - just 48bp at the top level. This made it all the more surprising when Barclays sent out invitations for a $300m five year loan for ST Treasury services in May. Market observers questioned the validity of the new deal, especially considering the pricing was only a shade above the earlier transaction at just 52bp all-in for a longer tenor. In addition they suggested...

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