New SGD 7YR transaction announced with initial guidance of 4.25% area and anchored on the back of very significant reverse enquiries from institutional accounts. – Issue Size of SGD 120 million (capped) COMPARABLES WINGTAI HOLDINGS 4% 07/18       103.45 3.06% WINGTAI HOLDINGS 4 ½% 09/22    101.50 4.27% WINGTAI HOLDINGS 4 ¼% 03/23    99.10 4.38% WINGTAI HOLDINGS 4.7% 02/24     100.75 4.60% Revenues have declined significantly since FY 2013. Not overly leveraged and not expanding aggressively like Guocoland which makes it a better credit which is the reason for its tighter coupon. 7 year interest rates at 2.25% today which give us a nice credit premium of 2%. They did a 100 mio 10 year 4.7% issue earlier this year which I had missed and not not regular issuers these days having come a long way from their over leveraged days. ......