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China Construction Bank raises S$500M in bond issue

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China Construction Bank raises S$500M in bond issue

China Construction Bank Corp. raised S$500 million through an issuance of senior bonds, The Business Times reported.

The three-year bonds bear a coupon of 2.08% and will be listed on Singapore Exchange. China Construction Bank, DBS and OCBC are the joint global coordinators for the issue.

Fitch Ratings said Oct. 16 that China Construction Bank's Singapore branch established a US$6 billion euro medium-term note program.

The company aims to issue long-term senior unsecured Singapore-dollar notes under the program.

Proceeds from the issue will be used for funding and general corporate purposes.

As of Oct. 16, US$1 was equivalent to S$1.35.