Singapore uses bond issue to grow

Issued in July, the bonds are in S$250,000 (US$151,000) denominations. Three-year bonds will bear interest at the six-month Singapore dollar swap offer rate less 0.06% per annum, and 10-year bonds will earn 2.83% interest per annum, both payable semi-annually.

Having handled 20.6m TEUs in the 2004 calendar year, Singapore port has recorded a 5m TEU throughput during the first quarter of 2005.

It has recently invested US$121m on new wharfside equipment and is expected to fast-track development plans for its Pasir Panjang Terminal.