A unit of HSBC Institutional Trust Services (Singapore) Ltd. priced a ¥3.50 billion offering of senior unsecured notes due Feb. 26, 2024.

Parkway Life MTN Pte Ltd. expects to issue the notes Feb. 26 at a price equal to 100% of the principal amount. The notes will bear a 0.65% fixed interest rate, payable semiannually in arrears. The notes are being issued under the issuer's S$500.0 million multicurrency medium-term note program.

HSBC Institutional Trust Services, Parkway Life REIT's trustee, will use the loan proceeds to refinance existing borrowings of healthcare-focused Parkway Life REIT.

DBS Bank Ltd. is the solitary lead manager and book runner for the notes issue.

As of Feb. 20, US$1 was equivalent to about S$1.32 and about ¥107.30.