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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say