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Singapore’s Changi Airport Group raised S$500mn ($374mn) via a debut 10Y bond at a yield of 1.88%, 12bp inside initial guidance of 2% area. The bonds have expected ratings of Aaa and received orders over S$2bn, 4x issue size. Fund managers, insurance companies and agencies bought 61%, public sector agencies and banks 36% and private banks 3%. IFR notes that overseas interest was healthy with 11% of the deal taken by Hong Kong, Europe and others, while Singapore made up the majority 89%. Proceeds will be used for general corporate and working capital needs. The bonds will be drawn from a S$2bn ($1.5bn) multi-currency medium term note programme. Changi’s new bond offers a 7bp yield pick-up to Aaa rated HDB’s SGD bonds due July 2031 that currently yield 1.81%.

Changi said in January that it registered 11.8mn passengers in 2020, an 83% slump YoY given the pandemic. Moody’s said Changi’s cash buffer remains strong despite a recent dip to nearly S$1.9bn ($1.4bn) end-2020. The company expects cash balance and additional liquidity to be more than sufficient to cover its likely capex needs of about S$900mn ($674mn) over the next 12 months and debt prepayment of around S$300mn ($225mn) in 2021.

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