NTUC Fairprice pricing 7-year bonds: Client note

Singapore 50 dollar bill

NTUC Fairprice Co-operative is pricing a benchmark seven-year Singapore dollar senior bond, according to a client note seen by Shenton Wire Tuesday.

The initial pricing guidance is in the 3.75 percent area, with a landing guidance in the 3.5 percent area, the client note said; the price guidance is for 100.25 of the face value, the client note said.

A benchmark offering suggests at least S$250 million will be sold.

The proceeds will be used for general corporate purposes, including refinancing borrowings, financing investments, general working capital and capital expenditure, the client note said.

The sole global coordinator is DBS Bank and the joint lead managers and book runners are DBS Bank, OCBC Bank and Standard Chartered Bank, the client note said.

The minimum investment size is at S$250,000, the note said.