Great Eastern Holdings, the Singapore insurance company, plans a benchmark sale of 15-year bonds denominated in Singapore dollars, according to a person familiar with the matter.

The notes may be priced to yield around the 4.75% area, the person said, asking not to be identified as details are private.

Great Eastern set up a $1 billion multi-currency medium- term notes facility on Jan. 10, appointing Oversea-Chinese Banking Corp. and Morgan Stanley to manage the program, according to a Singapore stock exchange announcement. Benchmark typically means at least $500 million.