Smaller firms tapping bond markets

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.