HDB raises $1b through seven-year bond issue at 2.21% coupon

The notes pay interest semi-annually and mature on 14 July 2033.

The Housing & Development Board (HDB) has raised $1b through a seven-year fixed-rate note issuance under its $42b Multicurrency Medium Term Note (MTN) Programme.

The notes, issued on 14 July 2026, carry an annual coupon rate of 2.210%, paid semi-annually, and will mature on 14 July 2033.

They have been assigned an Aaa rating by Moody’s Ratings.

The notes were issued in denominations of $250,000 and placed with institutional and accredited investors under Singapore’s Securities and Futures Act 2001.

Approval in principle has been granted for the notes to be listed on the Singapore Exchange Securities Trading Limited (SGX-ST).

The listing does not represent an assessment of HDB, its subsidiaries, or the notes’ merits.

The issuance was arranged by Bank of China, DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, The Hongkong and Shanghai Banking Corporation Ltd., Singapore Branch, and United Overseas Bank Limited, which acted as joint lead managers and bookrunners.

HDB’s medium-term note programme allows the statutory board to issue bonds to fund its development programmes, meet working capital needs, and refinance existing borrowings.

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