Chicago, April 14 – SingPost Group Treasury Pte. Ltd. sold S$250 million of 4.35% subordinated perpetual securities at par, according to a pricing supplement.
The securities are guaranteed by Singapore Post Ltd. (SingPost).
The distribution rate starts at 4.35%. The first reset is July 6, 2027, and then on each five-year anniversary. The reset rate is the five-year SORA OIS plus 218.2 basis points.
On July 6, 2027 the margin steps up 25 bps. And, on July 6, 2047, the margin steps up 75 bps.
The securities can be called on the first reset date and then on any distribution date thereafter.
DBS Bank Ltd., HSBC Ltd, Singapore Branch and Oversea-Chinese Banking Corp. Ltd. are the joint lead managers.
Proceeds will be used for general corporate purposes, including refinancing existing borrowings.
The private Singapore company is engaged in the operation and provision of postal and logistics services.
| Issuer: | SingPost Group Treasury Pte. Ltd.
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| Guarantor: | Singapore Post Ltd.
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| Amount: | S$250 million
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| Issue: | Subordinated securities
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| Maturity: | Perpetual
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| Bookrunners: | DBS Bank Ltd., HSBC Ltd, Singapore Branch and Oversea-Chinese Banking Corp. Ltd.
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| Trustee: | Bank of New York Mellon, Singapore Branch
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| Counsel to issuer: | Allen & Gledhill LLP
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| Counsel to bookrunners: | WongPartnership LLP
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| Distribution: | 4.35% starting rate; resets to five-year SORA OIS plus 218.2 bps each five-year anniversary starting July 6, 2027 with a 25 bps step-up margin on the first reset date and a 75 bps step-up margin in 2047
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| Price: | Par
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| Yield: | 4.35%
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| Call features: | Callable after five years and then on each distribution payment date thereafter
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| Trade date: | March 31
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| Settlement date: | April 6
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| Ratings: | S&P: BBB-
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| Distribution: | Singapore
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| ISIN: | SGXF24733614
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