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Fundraising and capital markets

Data room for bond and MTN issuance

Short answerArrangers of SGD bonds and medium term note programmes carry out due diligence on the issuer before the offering circular goes out. A data room gives the arrangers and lawyers the records they need and keeps a trail of what was reviewed.

How it works in Singapore

Singapore is a regional centre for SGD and G3 currency bonds. Issuers include property developers, REITs, statutory boards and corporates. Programmes are updated yearly, so the room is reused.

Best data rooms for bond issuance

Our five measures re-weighted for this use case, with a small bonus for rooms built for it. Prices before 9% GST.

  1. 1 Ellty ~S$191/mo 9.1 Visit Ellty
  2. 2 iDeals On quote 8.8
  3. 3 Datasite On quote 8.7
  4. 4 Intralinks On quote 8.5
  5. 5 Ansarada On quote 8.5
  6. 6 Firmex On quote 8.3
  7. 7 Drooms On quote 8.3
  8. 8 Box ~S$19/user/mo 8.0
  9. 9 SmartRoom On quote 8.0
  10. 10 Citrix ShareFile ~S$70/mo 7.9
27%Security19%Deal tools21%Permissions17%Ease of use17%Cost

Folder index for bond issuance

01
IssuerCorporate records and accounts.
02
BusinessOperations and risk factors support.
03
FinancingExisting debt and covenants.
04
ProgrammeTrust deed, agency agreement, offering circular.

Singapore rules that apply

Securities and Futures Act

Offers to institutional and accredited investors rely on prospectus exemptions; offering circulars still carry liability.

SGX listing of debt

Bonds listed on SGX follow its debt listing requirements.

More detail: SGX listing rules.

Features you need

FeatureWhy it matters hereRooms in our top 10 that list it
Audit trailTime-stamped history of who opened, printed or downloaded each document, exportable for a dispute, insurer or regulator.10 of 10
View and download controlEach file can be set to view-only, print or download, and the setting can be changed later.9 of 10
Q&A workflowBidders post a question against a file; your team drafts, approves and publishes the reply, and the whole thread is kept.8 of 10

How to set it up

  1. Reuse yearlyUpdate the same room for each programme update.

Mistakes to avoid

  • Outdated covenant information.
  • No record of what arrangers reviewed.

Questions people ask

Do bond deals need a data room?

Not always, but arrangers increasingly expect one for due diligence and bring-down calls.

Can the room be reused?

Yes, many issuers update the same room for annual programme updates.

Who reviews it?

Arrangers, their counsel and the issuer's counsel.