News: HDB issues $800mil fixed rate notes

Jan 20, 2021

In denominations of $250,00 and payable semi-annually in arrear, the notes will mature on 19 January 2026. 

The Housing and Development Board (HDB) on Tuesday issued $800 million, five-year fixed rate notes, with a coupon of 0.635% per annum.

Payable semi-annually in arrear, the notes will mature on 19 January 2026. They are in denominations of $250,000 and are rated by Fitch Ratings.

The notes “were offered by way of placement to investors pursuant to Sections 274 and 275 of the Securities and Futures Act and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018,” said HDB.

They were launched as part of HDB’s $32 billion Multicurrency Medium Term Note (MTN) Programme.

Recommended article: HDB Loan vs Bank Loan: The Complete Guide to Financing your HDB

“Under HDB’s MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.”

Approval in principle for the notes’ listing on the Singapore Exchange has been obtained.

The notes’ admission to the official list should “not be taken as an indication of the merits of HDB, its subsidiaries or the notes”.

Cleared through The Central Depository, the notes’ joint lead managers and bookrunners are Industrial and Commercial Bank of China (Singapore), Bank of China (Singapore) and Oversea-Chinese Banking Corporation.

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