Trading suspension of Hyflux perps leaves investors out on a limb
With its non-redemption on first call date, analysts fear new issuers would have to pay a premium
Singapore
INVESTORS who bought Hyflux's perpetual securities are reeling from the company's suspension of trading in the securities, as the firm said it will not pay the coupon interest on the notes, while in February it said it will not redeem an earlier issue on first call.
There are two Hyflux perp issues outstanding. In April 2011, it sold S$400 million 6 per cent perpetuals, with the first call date in April 2018; half of that issue was earmarked for retail.
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