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
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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.
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