HDB issues $700m of 15-year fixed-rate notes

The Aaa-rated notes carry a 2.839% annual coupon and will mature in August 2041.

The Housing & Development Board has issued $700m of 15-year fixed-rate notes under its $42b Multicurrency Medium Term Note Programme.

The notes carry an annual coupon of 2.839%, payable semi-annually in arrears.

They were issued on 26 August and will mature on 26 August 2041. Moody’s Ratings assigned the notes an Aaa rating.

The notes were issued in denominations of $250,000 through a placement to institutional and accredited investors.

HDB has obtained approval in principle to list the notes on the Singapore Exchange. They will be cleared through The Central Depository.

Under its medium-term note programme, HDB may issue bonds or notes to finance development programmes and working-capital requirements, as well as refinance existing borrowings.

DBS, OCBC, Standard Chartered Bank Singapore, HSBC’s Singapore branch and UOB served as joint lead managers and bookrunners.

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