SingTel debuts in dollars

Having beaten six other banks at auction, Merrill Lynch placed out $440 million of SingTel bonds yesterday on behalf of Cable & Wireless shareholders selling down securities received as part payment for the acquisition of C&W Optus.
The highly unusual nature of the entire transaction meant that there was little consensus on the merits of selling the bonds to investors some 25bp cheaper than Cable Wireless had been allocated them. The UK telecoms group put the bonds out to auction on Monday night, but for the seven bidding banks, pricing was complicated by the fact that the bonds are likely to be extremely illiquid and more importantly, SingTel's credit fundamentals are currently in a state of flux as it absorbs the much weaker CW Optus.

Merrill Lynch won the deal after bidding aggressively against six other houses comprising, ABN AMRO, DBS Bank, Goldman Sachs, Morgan Stanley, Salomon Smith...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222