Singapore Exchange talks €240 million 0% convertible bonds due 2024 at 101 to 102.7, up 27.5% to 35%

By Abigail W. Adams

Portland, Me., Feb. 1 – Singapore Exchange Ltd. subsidiary SGX Treasure I Pte. Ltd. plans to price €240 million in three-year 0% convertible bonds on Monday with price talk for an issue price of 101 to 102.7 to yield negative 0.886% to negative 0.331% and an initial conversion premium of 27.5% to 35%, according to a market source.

Credit Suisse (Singapore) Ltd. and Morgan Stanley Asia (Singapore) Pte. are bookrunners for the Regulation S offering.

The bonds are non-callable.

They are putable upon a fundamental change or delisting event.

The reference share price will be S$9.92 and the bonds will be converted according to a fixed exchange rate of €1 to S$1.6127.

Proceeds will be used to refinance debt and for general corporate purposes.

Singapore Exchange is a Singapore-based securities and regional derivatives exchange.

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