FINANCIAL SERVICES | Staff Reporter, Singapore

Daily Briefing: Temasek unit mulls offering equity-type products for retail investors; Pavilion Energy subsidiary to buy Spanish energy firm for $176.4m

And over 75,000 e-scooters registered ahead of 30 June deadline.

From Deal Street Asia:

State investor Temasek’s unit Azalea Investment Management is mulling bringing private equity (PE) products to retail investors as retail bonds see strong demand in the Lion City.

Its latest public offer for $180m (US$132m) private equity backed retail bonds – Astrea V – received a strong response, being oversubscribed about 4.5 times.

Astrea V’s Class A-1 bonds that were offered to retail investors received nearly $820m in applications as at the close of the offer from a total of 30,816 applicants, about 4.5 times subscribed, an announcement said.

The retail offering of Astrea V Class A-1 Bonds followed the successful placement of three classes of the bonds to institutional and accredited investors, comprising: $135m of the Class A-1 Bonds; $312.10m (US$230m) Class A-2 Bonds; and $189.97m (US$140m) Class B Bonds.

Read more here.

From Reuters:

Liquefied natural gas (LNG) firm Pavilion Energy’s subsidiary has agreed to buy Spanish energy company Iberdrola’s portfolio of LNG assets for $176.4m (US$130m).

The portfolio comprises about 4 million tonnes per annum (mtpa) of Iberdrola’s long-term LNG sale and supply contracts, Pavilion said in a statement.

The portfolio also includes long-term regasification capacity of about 2 mtpa at Britain’s Grain LNG terminal, access to regasification capacity in Spain and to a pipeline between Spain and France, and time-charter of a newly built LNG vessel.

In a related transaction, both companies have concluded a gas sales agreement for Pavilion Energy to supply natural gas to Spain for Iberdrola Generacion Espana, Pavilion said.

Read more here.

From Channel News Asia:

More than 75,000 e-scooters were registered ahead of a 30 June deadline that would make it illegal for anyone to ride an unregistered device on public paths.

The Land Transport Authority (LTA) said that about 85% of the registrants are Singaporeans, with a majority of 73% between the ages of 21 and 50.

From 1 July, those who ride unregistered e-scooters on public paths may be fined up to $2,000 and/or jailed for up to three months.

"The e-scooter registration regime aims to deter reckless riding and facilitate enforcement efforts against errant riders, to improve public safety for all path users," said LTA.

Read more here.

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