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.
issuer thinks itself better than capland…but the reality might be different 😛 this name gets good leverage from PBs but my banker told me very late in the day thou
They are possibly better on paper but they will never have the intangible benefit of Temasek behind them.