China Construction Bank Corporation’s Singapore Branch has issued $350 million worth of infrastructure bonds that will be quoted on the Singapore Exchange.
The $350 million 2-year bonds were priced at a coupon of 2. 85%, after a tightening of 20 bps from the initial price guidance.
According to China Construction Bank Singapore, this issue was oversubscribed, with strong demand from central banks, commercial banks, private banks, insurance companies and asset managers.
Ratings agency Moody’s has given this issue an A1 rating.
This is China Construction Bank Singapore’s fourth Singdollar bond issue here. It is also the seventh issue under the bank’s “The Belt and Road Initiative” Infrastructure bond series.
Including this issue, China Construction Bank has to date raised more than $2. 4 billion from the local market.
In Dec 2020, China Construction Bank Singapore was awarded a Qualifying Full Bank licence by the Monetary Authority of Singapore.