(Bloomberg) -- Singapore Exchange Ltd., the city-state’s sole equities bourse, has hired banks for its first dollar bond offering as it looks to diversify away from stocks business through acquisitions.
SGX will hold investor calls from Tuesday for a potential U.S currency note, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it.
The exchange’s net income for the year ended June 30 fell 6% from a year earlier, in part because of rising expenses. It has been expanding its fixed income, currency and index businesses through acquisitions. Costs will stay elevated as it continues to invest in growth, Chief Financial Officer Ng Yao Loong said at an earnings briefing earlier this month.
Boosted by the acquisition of MaxxTrader and potentially more M&A activity, Singapore Exchange’s revenue growth may be led by market data, connectivity and indexes, and fixed income, currencies and commodities, Bloomberg Intelligence analyst Sharnie Wong wrote in an Aug. 10 note.