You are here

Ascott markets Sing dollar subordinated perpetual bonds

Ascott Harmony City Nantong.jpg
Ascott Residence Trust is offering Singapore dollar non-call five perpetual bonds at a price guidance for a yield in the 5 per cent area.

[SINGAPORE] Ascott Residence Trust is offering Singapore dollar non-call five perpetual bonds at a price guidance for a yield in the 5 per cent area.

It will be the issuer's second perpetual bonds, following a S$150 million 5 per cent perp callable in 2019 issued last October.

Ascott is a Baa3 credit to Moody's, but its subordinated Reg S notes are unrated. There will be a reset at the end of year five and every five years thereafter, based on the prevailing Singapore dollar five-year SOR plus the fixed spread.

OCBC is sole lead manager. Pricing is expected as early as today.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes