03 May 2021 / 21:31 H.
PETALING JAYA: CGS-CIMB and Singapore Exchange-backed fintech company iSTOX have issued a S$150 million (RM463.02 million) commercial paper programme, a short-term debt instrument in the form of digital securities which will raise funds for the former’s operating expenses and near-term obligations.
It stated that the first tranche of S$10 million of the issuance, which offers a 1% per annum interest rate over three months, listed on iSTOX was oversubscribed by accredited individual and corporate investors on the private capital platform.
The commercial paper is the first in a new product line of digital commercial papers by the platform, and it is also listed for trading on its secondary exchange allowing investors to cash out ahead of maturity.