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Jul 28, 2020 12:05 PM ET

Linklaters advises on landmark 30-year subordinated bond issue by NTUC Income and the related establishment of NTUC’s S$2bn EMTN Programme


Linklaters advises on landmark 30-year subordinated bond issue by NTUC Income and the related establishment of NTUC’s S$2bn EMTN Programme

iCrowd Newswire - Jul 28, 2020

Linklaters has advised DBS Bank Ltd. and Standard Chartered Bank, as joint managers and bookrunners, on the S$800m subordinated notes issued by NTUC Income Insurance Co-operative Limited (NUTC). The firm also advised DBS Bank Ltd., The Hongkong and Shanghai Banking Corporation Limited’s Singapore branch and Standard Chartered Bank (Singapore) Limited, as joint arrangers and dealers, and Morgan Stanley Asia (Singapore) Pte. as dealer on the related establishment of NTUC’s S$2bn Euro Medium Term Note Programme.

The transaction has established several milestones including the first issuance and the largest subordinated debt offering by a Singapore insurer since 2012. It is also the longest dated subordinated note issuance in the Singapore dollar bond market. The funding will support the only insurance co-operative in Singapore’s growth plans and will also be used for working capital and general corporate purposes.

Partner Jonathan Horan commented:

“We recognise the importance of these deals for NTUC and are very proud to have supported our clients on the successful execution of this transaction, particularly with the current challenging market backdrop.”

Counsel Phill Hall, added:

“It is very encouraging to see this type of innovation in the Singapore dollar bond market and we expect this to support further market developments.”

The Linklaters team was led by capital markets partner Jonathan Horan, with support from counsel Phill Hall and managing associate Samuel Lee.

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