[SINGAPORE] Energy, water and marine group Sembcorp Industries has launched a benchmark-sized offering of SGD subordinated perpetual non-call five securities.
Pricing on the unrated notes is indicated to yield in the 5 per cent area. The coupon would step up 100bp in year 10 if not called.
There is a reset in year 10, based on the prevailing 10-year SOR plus the initial spread, and resets every 10 years thereafter.
Deferred distributions are cumulative and compounding. There is a dividend stopper and pusher.
Credit Suisse, DBS, OCBC (B&D) and Standard Chartered are joint bookrunners.
The securities will come off Sembcorp's S$2billion multicurrency debt-issuance programme.