SINGAPORE (THE BUSINESS TIMES) – The Singapore Exchange (SGX) has launched its maiden US$250 million ($338.5 million) issuance of notes due 2026, which received subscriptions for more than the amount on offer.
The notes, which fall under the bourse operator’s $1.5 billion multicurrency debt issuance programme (MTN) established in October 2019, will carry a coupon of 1.234 per cent per annum. They are semi-payable annually and expected to mature in September 2026.
Net proceeds from the issuance will be used to finance the investments of SGX and its subsidiaries, refinance existing debt, as well as for general corporate purposes.
Moody’s Investors Service assigned Aa2 long-term local and foreign currency ratings to both the senior unsecured component of SGX’s MTN programme and to the maiden drawdown.
SGX chief financial officer Ng Yao Loong said the bond issuance attracted “robust interest” from high-quality investors across the region.
“This follows the highly successful convertible bond issuance earlier this year and reflects investors’ broad-based confidence in the resilience of our multi-asset business model and ability to navigate near-term challenges,” he added.
Citigroup Global Markets Singapore, DBS and Standard Chartered Bank (Singapore) were the joint lead managers of the bond issuance.
Shares of SGX closed 0.5 per cent or five cents lower at $10.21 on Thursday (Aug 27).