Ascott Residence Trust sets precedent in skipping first call on perpetual
Some market watchers say non-call move could pave the way for other issuers to skip first calls
Singapore
ASCOTT Residence Trust (ART) will not be redeeming its S$250 million, 4.68 per cent perpetual issue on its first call date next month. The move sets a precedent for real estate investment trust (Reit) perpetuals.
In choosing not to call the perpetual, the hospitality trust has crushed market expectations that issuers will redeem these instruments at first call. Some market watchers said this could pave the way for other issuers to skip the first calls.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Buffett praised Apple after trimming it, drops Paramount stake
Westpac net profit falls 16%, announces additional A$1 billion buyback
Worst days for China’s stock market may be over
Emerging-market optimism dashed by Fed as currencies, bonds sink
LHN warns H1 2024 net profit could decline by 28.6%
It is time to put idle cash back into the market