Keppel prices $150 million offshore renminbi bond at 1.95%
What's the deal? KeppelDealroom has a profile for this one. Try Dealroom → has priced CNH1 billion (US$137.5M, roughly $150 million) of 1.95% notes due 2031 under its US$5 billion Multi-Currency Debt Issuance Programme. The Series 019 Notes were priced on September 28, 2026, and are expected to be issued on or about October 9, 2026.
The terms: The five-year notes carry a fixed 1.95% coupon paid semi-annually and were issued at par. They will rank as direct, unsecured obligations of Keppel, on equal footing with the group's other senior unsecured debt.
Where the money goes: Keppel said net proceeds will fund general corporate and working capital purposes, meaning the cash is not tied to a specific acquisition or project.
Who arranged it? Four banks acted as joint bookrunners and lead managers: DBS Bank, Industrial and Commercial Bank of ChinaDealroom has a profile for this one. Try Dealroom →'s Singapore branch, Shanghai Pudong Development BankDealroom has a profile for this one. Try Dealroom →'s Singapore branch, and United Overseas BankDealroom has a profile for this one. Try Dealroom →.
Why it matters: The low coupon signals Keppel can raise long-dated offshore capital on competitive terms. As debt rather than equity, the issue leaves existing shareholders undiluted, though it adds CNH1 billion to gross borrowings.
One watch item: The notes are denominated in offshore renminbi, not Singapore or US dollars, introducing currency exposure for the Singapore-listed issuer.
The signal: The raise sits among the smaller deals in its class — roughly the 17th percentile by amount — but the sub-2% pricing points to steady investor appetite for well-rated Asian corporate credit.
Read more: minichart.com.sg
Image credit: Mac Qin
