SIA

SIA 2.15% bonds: begins trading on the SGX today. At $1.02 ask, yield-to-maturity is low at 1.73%. The smart money thinks the bonds are pricey and many have looked elsewhere for better yielding instruments. Accordingly, SIA has reduced the allocation to institutional investors, and upped the size of the retail bond offering to $150m, 3x the original allocation of $50m.