HSBC Holdings Plc made a debut in Singapore's local bond market with a S$1.0 billion bond issue.
The perpetual notes carry a coupon of 4.7% until June 8, 2022, after which the coupon will change to the five-year euro swap rate plus 2.87%, Cbonds reported.
The deal marks the largest Singapore dollar bond issuance by a corporate or financial institution since 2012, according to The Business Times of Singapore.
HSBC was the sole book runner on the transaction, Cbonds said.
As of June 1, US$1 was equivalent to S$1.39.