Even unlisted entities, such as SMU and NUS, have sold bonds in the first quarter of this year as more smaller companies and other institutions are increasingly seeing bonds as a faster and more flexible way to raise capital. SMU launched its first-ever tranche last month with $100 million in bonds. The funds are earmarked for "building additional research and teaching facilities to meet a growing student population", a spokesman said. NUS and SMU said  that the bonds were taken up by financial institutions and other sophisticated investors.