SPI Assets Ltd taps Commonwealth, Westpac for bond float
To help it sell five-year bonds, SPI (Australia) Assets Ltd., a unit of Singapore Power Ltd has acquired the services of Commonwealth Bank of Australia and Westpac Banking Corp.
The Australian dollar-denominated notes will be priced in the near future, Commonwealth Bank said in an e-mailed statement today, without giving an other specific details.
SPI (Australia) told investors it may price the bonds to yield between 180 basis points and 185 basis points more than the swap rate, said a related report by Bloomberg quoting a person familiar with the discussions, but who asked not to be named as the information is private.
The borrower owns the Jemena gas and electricity pipeline business, according to Singapore Power's website.
Singapore Power is a leading energy utility company in the Asia-Pacific. With assets of S$26.3 billion at end March 2009, it is one of the largest corporations in Singapore. It owns and operates electricity and gas transmission and distribution businesses, company information showed.
International benchmark indicators rate SP's electricity grid in Singapore as one of the world's best performing networks, beating those of other global cities.
SP owns and operates electricity and gas transmission and distribution businesses and provides energy market support services in Singapore and Australia.