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Lee Meixian
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Short-Term Debt Instrument Issued as Digital Securities by iSTOX and CGS-CIMB Securities International
CGS-CIMB Securities International, an integrated financial service provider based in Asia, and digital securities platform
iSTOX have reportedly issued a short-term debt instrument as digital securities.
The SGD 150-million (appr. $112-million) multi-tranche commercial paper will be used to cover operational costs and near-term obligations of CGS-CIMB. The initial tranche of SGD 10 million has been over-subscribed by accredited investors active on the iSTOX platform.
Investors have been offered a 1% APY over a 3-month period. The complete SGD 150-million program is being carried out by using digital securities, with no traditional issuance taking place.
CGS-CIMB And iSTOX Roll Out Digital Securities Issuance In S$150-Million Commercial Paper Programme - The CGS-CIMB Commercial Paper Is The First In A New Product Line By iSTOX - Commercial Papers Are A US$1-Trillion Market In The US And They Are Gaining Momentum In Asia Date
03/05/2021
Leading financial services provider CGS-CIMB and private capital platform iSTOX announced today the issuance of a short-term debt instrument in the form of digital securities. The S$150-million (or US$112-million[1]) multi-tranche commercial paper will be used to fund operating expenses and near-term obligations of CGS-CIMB. The first tranche of S$10 million was over-subscribed by accredited individual and corporate investors[2] on the iSTOX platform. Investors were offered a 1% per annum interest rate over 3 months. The full S$150-million programme is being carried out using digital securities, with no traditional issuance happening alongside the digital channel.
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.
Tuesday, 4 May 2021, 6:45 am
The CGS-CIMB commercial paper is the first in a new
product line by iSTOX. Commercial papers are a US$1-trillion
market in the US and they are gaining momentum in
Asia.
SINGAPORE, 3 MAY 2021 –
Leading financial services provider CGS-CIMB and
private capital platform iSTOX announced today the issuance
of a short-term debt instrument in the form of digital
securities. The S$150-million (or US$112-million[1]) multi-tranche commercial paper will
be used to fund operating expenses and near-term obligations
of CGS-CIMB. The first tranche of S$10 million was
over-subscribed by accredited individual and corporate
investors[2] on the iSTOX platform.