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Ascott markets Sing dollar subordinated perpetual bonds
[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.