Clifford Capital sold a $300 million five-year guaranteed note on Tuesday, the first ever dollar bond guaranteed by the Singapore government that managed to price at the tightest end of the spread.
The Reg S senior unsecured note had an initial price guidance of Treasuries plus 57bp-60bp, and received a final guidance of Treasuries plus 53bp-55bp. The bond ended up pricing at the tighter end of the spread at 53bp above Treasuries, indicating strong demand for a rarely offered AAA-note, according to a source close to the deal.
“The issuance was successful as rates are super low right now and credit markets are very supportive,” said...
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