Nexus International School (Singapore) announces issuance of SGD150M of S&P AA-rated bonds
SINGAPORE, Dec. 12, 2019 /PRNewswire/ -- Nexus International School (Singapore) is pleased to announce the issuance of SGD 150 million of twelve-year amortizing bonds which have been rated AA by S&P Global Ratings (S&P). The bonds are guaranteed by Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank. Standard Chartered Bank Singapore Limited (SC) acted as the sole lead manager of the bonds.
Nexus is a leading Foreign System School (FSS) in Singapore that caters to students from Nursery up to Year 13 (ages 3 to 18).
The bonds have been subscribed to by a robust set of onshore and offshore investors. Proceeds of the bonds will be used to finance the school's newly-completed flagship campus in Aljunied, Singapore. Designed by Broadway Malyan, the 2,000-student campus showcases innovative, open plan classroom designs which particularly enable students to develop 21st Century skills such as collaboration and critical thinking. As an example, learning spaces have integrated makerspaces and design technology rooms to integrate STEAM into subjects. The school features a cutting-edge mega science lab for future scientists and a mock boardroom for budding entrepreneurs. Younger children have a double-storey treehouse for both play and lesson times. Extra-curricular activities benefit from an auditorium, fitness suite, yoga studio, a FIFA and World Rugby specified artificial turf pitch, and an Olympic-sized swimming pool.
Karl Engkvist, President of Taylor's Education Pte Ltd, stated, "Taylor's Education Group, of which Nexus is a key member, has been widely recognized as an innovator across our network of universities, college, and schools in Singapore, Malaysia and Vietnam. Our valued partners at CGIF and SC developed this advanced financing structure to support the long-term success of the school."
BK Gan, President of Taylor's Schools, elaborated, "Since Nexus' entry into the Singapore international school market in 2011, the school has established itself as a reputable, premium institution, recognised for its inventive and original education. We are extremely proud that we won the RFI quality bid for the centrally-located land in Aljunied amidst stiff competition. Our learners, parents and staff are excited to move in to our new state-of-the-art campus next month. We sincerely appreciate the Singapore government's support and counsel in bringing our vision for Nexus to fruition," BK Gan, President of Taylor's Schools.
Ms. Guiying Sun, CEO of CGIF stated, "This achievement marks CGIF's growing role and evolution as a regional guarantor - It is our longest guarantee tenor to date, our first counter-guaranteed risk-sharing collaboration with an arranger, and CGIF's first guarantee for the education sector. The amortizing bond structure demonstrates our innovative and solutions-based approach to simultaneously accomplish optimum structuring and bond market development. The cross-border investor base is indicative of CGIF's strong market acceptance and this translates to cost savings for the issuer. We are very delighted to facilitate the Group's debut issuance and partner with Taylor's Education Group in its ASEAN expansion."
Global Head of Commercial Banking at Standard Chartered Bank (SC), Mr. Jiten Arora stated, "Standard Chartered is very proud to have led the inaugural capital markets transaction of Taylor's Education Group. As the Sole Lead Manager for the bonds issuance by Nexus, SC was able to collaborate with CGIF and the Issuer Group to come up with an innovative deal structure that achieved the key objectives of both the Issuer and the Guarantor. This demonstrates the strength of the Bank's ASEAN platform, commitment to our clients, and our leading Debt Capital Market expertise."
More than 2,000 parents and students attended the recent 'Sneak Peak' of the campus, and Nexus is now accepting enrolments for the coming semester, which will begin on 13 January 2020.
About Taylor's Education Group
Taylor's Education Group is one of Southeast Asia's premier private education groups. Included among the higher education institutions it owns and operates are Taylor's University (recently ranked 109th among Asia's universities by QS), Taylor's College (which earlier this year celebrated its 50th Anniversary), and British University Vietnam (the first and only International University in Vietnam dedicated to offering Honours British degrees).
Taylor's Schools consist of Garden International School, one of the top British curriculum schools in Malaysia, Taylor's International Schools with two campuses in the Klang Valley, Australian International School Malaysia, and Nexus International Schools in Malaysia and Singapore. In total, the group educates more than 20,000 students per year.
About Nexus International School (Singapore)
Nexus offers an accredited international curriculum catering from Nursery to IBDP (International Baccalaureate Diploma Programme). We firmly believe in putting your child at the centre of his or her education. Our child-centred philosophy is echoed by every teacher, in every class and in every extra-curricular activity. We strive to ensure that your child has a world class education; internationally recognised and accredited by the most respected awarding bodies.
CGIF is a multilateral facility established by the Association of Southeast Asian Nations ("ASEAN") members, China, Japan, Korea ("ASEAN+3") and Asian Development Bank ("ADB"). It is established as a trust fund of ADB with paid-in capital of USD1.05 billion from its Contributors. As a key component of the Asian Bond Markets Initiative, CGIF was established to develop and strengthen local currency and regional bond markets in the ASEAN+3 region. CGIF commenced its guarantee operations on 1 May 2012 and seeks to provide credit enhancements, mainly in local currencies, issued by credit worthy ASEAN+3-domiciled bond issuers.
Standard Chartered Bank is a leading international bank, with a history of more than 150 years in some of the world's most dynamic markets and a focus on driving investment, trade and the creation of wealth across Asia, Africa and the Middle East.
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