FCL S$600m perpetual bonds priced at 4.88%

FRASERS Centrepoint Ltd's (FCL) S$600 million debut perpetual issue, the largest perpetual deal this year, has been snapped up, said DBS Bank on Thursday.

The hot demand led to the subordinated NC-5 perpetual bonds being priced at 4.88 per cent, lower than the initial guidance of 5 per cent.

NC-5 means the bonds cannot be redeemed by the issuer until the fifth year, or Sept 24, 2019.