SingTel's $700 million bond prices tightly thanks to Temasek halo

Singapore Telecommunications SingTel early this morning priced a $700 million five-and-a-half-year bond, attracting strong demand from high-quality accounts. The bonds priced at Treasuries plus 150bp, about 12.5bp inside the initial guidance, which was around Treasuries plus 162.5bp. The expected issue size was $500 million, but the deal ended up raising more thanks to a robust order book north of $3 billion.

Bank of America Merrill Lynch, Citi, Deutsche Bank and Morgan Stanley were joint bookrunners.

SingTel is the third Singapore borrower to tap the dollar bond market this year following DBS Bank and United Overseas Bank and it joins a crowd of high-grade Asian borrowers...