Clifford Capital Pte. Ltd. (“Clifford Capital” or “the Company”), a specialist provider of project and structured finance solutions in support of Singapore-based companies in the infrastructure and maritime sectors, priced its US$300 million 5-year public bond offering yesterday. This issue is the Company’s first public bond offering in 2019 following its 10-year and 3-year public issues of $300m each in 2018.
Priced at par, the 5-year US$300 million bond offers a coupon of 1.733% p.a. with a September 10, 2024 maturity. This corresponds to a spread of 35 basis points over the 1.25% US Treasury due August 2024. The bond is unconditionally and irrevocably guaranteed by the Government of Singapore and is expected to be assigned the highest issue rating of AAA by Standard & Poor’s. DBS Bank Ltd., HSBC, and Standard Chartered Bank (Singapore) Limited were the Joint Lead Managers for the transaction.
Following this transaction, Clifford Capital has total outstanding issuance of US$1.39 billion under its US$1.40 billion Euro Medium Term Note (“EMTN”) programme from both public issuances and private placements.
Mr. Clive Kerner, Chief Executive Officer of Clifford Capital, said: “We are pleased with the successful outcome of our 5-year $300m public offering in challenging market conditions with heightened rate volatility. Priced at a spread of 35 bps over 5-year US Treasuries, this is the tightest spread over UST achieved since our debut bond issue in 2013. We would like to thank our investors and arranger banks for their continued support for Clifford Capital.”
For more details, please refer to the press release.