Singapore yield curve extended further with LTA bond

Singapore''s Land Transport Authority, has set a new benchmark for the market with a 15-year offering.
Following Singapore's first ever twelve year corporate bond offering from Singapore Power, the city state's yield curve has been extended again with a first ever fifteen year issue by the Land Transport Authority LTA, the stat board responsible for road and rail construction.

The S$500 million $274.7 million transaction was jointly lead-managed by Barclays, Citibank and DBS Bank. Proceeds from the deal will be used to finance LTA's infrastructure development projects.

The new benchmark, which has come ahead of the government's own plans to issue 15 year paper, carries an annual coupon of 4.17%. Since there is no formal benchmark, pricing was referenced against 15 year interest...

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