October 22, 2009
HDB issues $500m worth of 3-year notes
THE Housing and Development Board (HDB) has launched a new issuance of notes under its $7 billion medium-term note programme.
The issuance comprises $500 million worth of three-year fixed rate notes, with a coupon of 1.55 per cent a year payable semi- annually in arrears.
HDB is issuing the notes in denominations of $250,000. It is applying to list the notes on the Singapore Exchange.
The issue size was initially $400 million, but was subsequently raised to $500 million due to strong investor demand.
The joint lead managers of the deal are Citicorp Investment Bank (Singapore) and the Hongkong and Shanghai Banking Corporation, Singapore branch.
Under its medium-term note programme, HDB may from time to time issue bonds or notes to finance its development programme and working capital requirements.
Martin Koh/ Sherry Tang