SEOUL, Major South Korean builder Daewoo Engineering and Construction Co. (Daewoo EandC) said Tuesday it has successfully conducted a 150 million-Singapore dollar (some US$111 million) bond sale in the city-state. The five-year bonds, which have received an AA rating from global rating appraiser Standard and Poor's Global Ratings (SandP), carry a fixed interest of 3.88 percent, lower than its offered rate of 4.1 percent. Fully guaranteed by the Credit Guarantee and Investment Facility belonging to the Asian Development Bank, the bonds were 2.87 times oversubscribed with more than 20 institutions showing interest, Daewoo EandC said. The proceeds will be used to finance Daewoo EandC's subway construction in the city-state, it added. "It is rare for the CGIF to provide a full guarantee for a debt sale by a single Korean company," a Daewoo EandC official said. "It is proof of Daewoo EandC's excellent construction capabilities and strong relationships with local financial firms." Daewoo EandC has recently suc ceeded in selling bonds in overseas markets amid a rising order backlog. In May 2023, the construction company floated Islam bonds worth $100 million through a Kuwait-based bank and sold another $100 million two months later. Daewoo EandC said the company will seek to diversify its financing sources down the road, buoyed by the recent successful overseas debt sales. Source: Yonhap News Agency