Mabroky Borrowing $500M For Ho Jinx?

[makapaaa]

<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published October 22, 2009

</TD></TR><TR><TD vAlign=top width=452 colSpan=2>HDB issues $500m worth of 3-year notes

<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right></TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right></TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right></TD><TD>Feedback</TD></TR></TBODY></TABLE>THE Housing and Development Board (HDB) has launched a new issuance of notes under its $7 billion medium-term note programme.

The issuance comprises $500 million worth of three-year fixed rate notes, with a coupon of 1.55 per cent a year payable semi- annually in arrears.
HDB is issuing the notes in denominations of $250,000. It is applying to list the notes on the Singapore Exchange.
The issue size was initially $400 million, but was subsequently raised to $500 million due to strong investor demand.
The joint lead managers of the deal are Citicorp Investment Bank (Singapore) and the Hongkong and Shanghai Banking Corporation, Singapore branch.
Under its medium-term note programme, HDB may from time to time issue bonds or notes to finance its development programme and working capital requirements.
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[longbow]

I thot usually HDB issues the bonds which are promptly bought by CPF.

This money raised by HDB is then used as HDB loans for Singaporeans. No idea why CPF is not buying the bonds and instead we are getting foreign investors. Maybe they are trying to develop a bond market in Singapore.