Keppel Land, the property subsidiary of Singaporean conglomerate Keppel Corporation, has launched its first issue from an $800 million multi-currency medium term note MTN programme. Standard Chartered was selected as the sole arranger for the MTN facility.
The multi-currency nature of the programme gives the issuer greater flexibility because it can tap investors in different currencies depending on market conditions. Unsurprisingly, given the low absolute interest rates available and continued strong support from local institutional investors for Singaporean corporates, Keppel Land has decided to tap the domestic market first.
The company's debut offering is for S$100 million $54.2 million, split into two S$50 million tranches with maturities of five years. Both pieces will pay...
