Czech tycoon's CPI Property sells S$150m perp in market first

THE first European non-bank issuer has made its debut in the Singapore dollar (SGD) corporate hybrid bond market.

Luxembourg-based real estate player CPI Property Group last week sold S$150 million of perpetual bonds at par with a 5.8 per cent coupon, The Business Times (BT) understands.

The unsecured subordinated bond was issued on Jan 17 and is NC5.5, which means it cannot be called or redeemed before the 5.5-year mark. In year 5.5, the coupon rate will reset every five years to the prevailing five-year SGD swap offer rate plus an initial credit spread plus the relevant step-up.