Singtel prices US$500m 10-year notes at 3.88%

It was 5.7 times oversubscribed.

Singtel announced that its US500m 10-year notes are priced at 3.875% per annum under its subsidiary Singtel Group Treasury (SGT).

The firm revealed that the notes will be drawn down under SGT’s $10b Euro Medium Term Note Programme guaranteed by Singtel. According to Singtel, the net proceeds from the issue will be applied by SGT to fund its ordinary course of business.

Set for maturity in 2028, the order book for the notes closed after receiving interest of approximately US$2.85b. It was 5.7 times oversubscribed by investors.

“This underscores their (investors) continued confidence in the Singtel Group’s strong credit quality despite the challenging operating environment and conditions in the financial markets at this time,” Singtel Group CFO Lim Cheng Cheng commented.

Citigroup Global Markets Singapore, DBS. and The Hongkong and Shanghai Banking Corporation acted as the joint lead managers and bookrunners for the notes.

According to the firm, the issuance of said notes is a part of the long-term financing strategy. It will also extend the debt maturity profile of Singtel and its subsidiaries.

The listing and quotation for the notes is being made on the Singapore Exchange Securities Trading (SGX-ST).

Meanwhile, Moody’s Investors Service has rated the Notes A1 whilst S&P Global Ratings gave it an A+.

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