SIA readies for its first US dollar bond

A term sheet for Singapore Airlines' first US dollar bond has been circulated by bookrunners for the potential issue, and calls were being held with prospective investors yesterday, according to the document seen by Reuters. The size of the deal will be determined today following briefings with investors in Asia and Europe, two sources with direct knowledge of the matter said. The term sheet showed that the airline has appointed Citigroup as sole global coordinator, along with BofA Securities and HSBC as joint bookrunners for the issue. SIA had in the past carried out debt deals in Singapore dollars rather than US dollars. The deal will not be offered to investors based in the United States, according to the term sheet. "We can confirm that SIA did not have any USD issuance in the past," the airline said. SIA, which counts Singapore investment company Temasek as its biggest stakeholder, has issued US$2.77b in five bond issuances in the past seven years, according to Dealogic.<br/>