Singapore Airlines (“SIA” or the “Company”) is offering new 5 year notes (bond) at a coupon of 3.03%, where $200m is offered wholesale (i.e. $250,000 board lot to accredited investors) and $300m to retail investors (minimum subscription of $1,000). SIA may upsize the tranche to $750m if there are overwhelming response.   The interest on the bonds are payable semi-annually on 28 Sep and 28 March and will mature on 28 March 2024. The offer will close on 26 March 2019 at 12pm. Seasoning framework The offer is made under the seasoning framework. Temasek lobbied very hard for this framework with the aim of making it easier for companies (like herself) to issue bonds to retail investors as the prospectus regime is more onerous for Issuers. Temasek launched its first retail bond last year and Singapore Airlines is the next to do this. Hopefully, we can see better