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Singapore to raise $2bn from its first green bonds this month

Float will finance rail network expansion to reduce automobile use

Singapore aims to improve public transportation services in order to reduce people's reliance on cars.   © Reuters

SINGAPORE -- Singapore will raise 2.4 billion Singapore dollars ($1.7 billion) from its debut tranche of green bonds to be issued this month, with the funds to go toward the city-state's rail infrastructure.

The bonds will have a maturity of 50 years with a 3.04% yield, according to a news release Thursday. Of the total, SG$2.35 billion will go to institutional investors while SG$50 million will be sold to retail investors.

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