Singapore Airlines lines up banks for 5-year offshore yuan bond

Singapore Airlines has mandated Bank of China (3988), DBS, HSBC (0005) and Standard Chartered (2888) for arranging a five-year bond sale in offshore yuan, the Chinese currency traded outside mainland China, according to a document seen by Reuters on Monday.

Here are more details from the so-called mandate sheet:

• The airline is holding a global investor call later on Monday.
• The deal could launch as early as Tuesday, subject to market conditions.
• It is expected to be benchmark-sized, which usually means a deal large enough to be easily traded by investors, or at least 1 billion yuan (US$147.6 million) in the offshore yuan bond market.
• Deal size is not disclosed in the sheet.
• Singapore Airlines did not immediately respond to an emailed request for comment.
• The offshore yuan bond deal is part of Singapore Airlines' existing S$10 billion (US$7.74 billion) multi-currency debt program
• The airline tapped the bond market in January, selling S$500 million of 10-year notes.

Reuters

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