Tata International raises SGD150m in first perpetual bond sale

The global trading arm of the over USD 103 billion Tata Group, Tata International, has raised 150 million Singapore dollars in an overseas bond sale, priced at 6.65 per cent.

This is the first-ever perpetual bond issuance in the Singapore debt market by a domestic company, as also the largest sole-advisor led transaction from country in recent years, according to the merchant banker HSBC.

The issue got close to seven times over-subscription, enabling the company to tighten pricing to 6.65 per cent, HSBC said.

The company could not be immediately contacted for a comment.