Daily Briefing: Temasek unit Azalea Asset Management seeks to raise US$598m through private equity bond offering; HDB issues $700m fixed rate notes

And budget carrier Firefly is expanding flights from Seletar Airport to more Malaysian locations.

From DealStreetAsia:

A unit of Singapore state investment firm Temasek Holdings is seeking to raise a total of US$598m through private equity bonds.

According to a preliminary prospectus lodged with the Monetary Authority of Singapore’s Opera site on Wednesday, Temasek’s indirect wholly-owned subsidiary, Azalea Asset Management, will offer three classes of bonds – Class A-1, Class A-2 and Class B Bonds.

Of the three classes, a portion of the Class A-1 Bonds will be offered to retail investors in Singapore for a minimum investment of $2,000, giving retail investors exposure to private equity. Class A-1 bonds expects to raise $315m (US$228.6m) and are scheduled to be redeemed at the end of five years.

The Class A-2 and Class B Bonds expect to raise US$230m and US$140m respectively, and will be offered to institutional and accredited investors only.

Read more here.

From PropertyGuru:

The Housing Board on Wednesday (22 May) issued $700m, five-year fixed rate notes as part of its $32b Multicurrency Medium Term Note (MTN) Programme.

To mature on 22 May 2024, the notes are in denominations of $250,000 and have a coupon of 2.164 percent per annum payable semi-annually in arrears.

HDB revealed that the notes were offered “by way of placement to investors who fall within Sections 274 and 275 of the Securities and Futures Act and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018”.

Although approval in principle for the listing of the notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained, the notes’ admission on the SGX-ST should not be taken as an indication of HDB’s merits, its subsidiaries or the notes.

Read more here.

From Channel NewsAsia:

Firefly is aiming to connect Singapore with more destinations in Malaysia as the turboprop airline works to expand flights from Seletar Airport.

The Malaysian budget carrier currently serves only the Singapore-Subang route from Seletar Airport, operating six flights daily.

Speaking at a media briefing on Thursday (May 23), Firefly chief executive Philip See said that “the immediate scope for expansion” is to secondary cities, citing Ipoh and Kuantan as examples.

Firefly previously operated to those two cities, but it had to suspend its flights to Singapore last December after failing to get approval from Malaysia's aviation regulator to move its operations from Changi Airport to Seletar Airport.

Before the suspension, Firefly had offered 20 flights daily between Singapore and the Malaysian cities of Subang, Ipoh and Kuantan.

Read more here.