Nanyang Technological University (NTU) has priced $650 million 15-year notes, the first series under its $1 billion medium-term note (MTN) programme.
With a coupon of 2.185% per annum, the inaugural issuance marks the world’s first publicly-offered sustainability-linked bond (SLB) by a university. The 15-year tenor is also the longest in the Asia Pacific region.
The final order book on Oct 13 exceeded $850 million, says NTU in a press release. Among the 33 investors — all local — a quarter were insurance companies and fund managers, while 72% were banks and corporates and 3% were private banks.
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