SINGAPORE (June 22): Singapore Airlines launched a 1.5 billion yuan (US$221.1 million or RM915.7 million) five-year dim sum bond on Tuesday with a yield of 2.38%, according to an updated term sheet reviewed by Reuters.

The airline had earlier marketed the offshore yuan bond, issued outside mainland China, with initial price guidance of about 2.8%, according to an earlier term sheet.

Proceeds will fund aircraft purchases and related payments, general corporate needs, working capital and refinancing of existing debt.

The bonds are expected to settle on June 30 and will be issued under the airline's S$10 billion (US$7.7 billion) multi-currency note programme.

Bank of China, DBS, HSBC and Standard Chartered are joint lead managers and bookrunners.

Singapore Airlines on Monday said it planned to sell its first five-year benchmark dim sum bond and had hired four banks to arrange the potential deal.

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