SGD New Issue : City Developments

** CITY DEVELOPMENTS SGD 10YR

– New SGD 10YR transaction at final price guidance of 3.78% (the number) announced for City Developments and on the back of significant real-money institutional investor interest.

– Expected issue size: SGD 100 Million

I have never known CDL to agree to a higher coupon than Capitaland. In other words, CDL will NEVER hear a suggestion that they pay a higher coupon than Capitaland. And that means that they rather forego the funding or issue a smaller size than pay a higher coupon than Capitaland.

And so here they are issuing a mini non benchmark bond for SGD 100 mio vs Capitaland with their SGD 500 mio 3.8% 10 year just 6 weeks ago.