A five year USD300 million guaranteed note was sold by Clifford Capital. This was the very first dollar bond guaranteed by the Singaporean government, once it manages to price the bond at the highest price in its range.

The Reg S senior unsecured note had priced the bond between 57 basis points and 60 basis points after its receipt of a final guidance range between 53 basis points and 55 basis points. The bond had reached the higher end of the spread at 53 basis points above the Treasury rate. This indicated a strong and healthy demand for the very rare AAA note, as stated by a source knowledgeable of the deal.

According to the source, "The issuance was successful as rates are super low right now and credit markets are very supportive. It got priced at the tightest spread for Asian issuers in the US dollar realm in more five years and is also one of the lowest ever coupons in dollar out of Asia."

The debt paper of Clifford Capital had a coupon of 1.625%. Comparatively, Ten year US treasury yields fell to its three month low of 2.48%. This was attributed by economists to data showing inflation curtailing growth in the last five months, resulting in lower job creation.