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Singapore Airlines raised $500mn via a 10Y bond at a yield of 5.296%, 40bp inside initial guidance of T+150bp area. The senior unsecured notes are unrated and received orders of over $5.6bn, 11.2x issue size. Of the total orderbook Asia was allocated 82%, EMEA 17% and US 1%. Among this, fund managers took 80%, with banks/private banks taking 12% and insurers/sovereign wealth funds taking the remainder. Proceeds from Singapore Airlines’ issuance will be used for aircraft purchases and aircraft related payments, general corporate or working capital purposes, including refinancing of existing borrowings.