Lippo Malls Indonesia Retail Trust sells perpetual bonds offering at 7%
LIPPO Malls Indonesia Retail Trust (LMIR) is selling perpetual bonds offering a tantalising 7 per cent coupon amid a tough environment for high yield debt.
"It looks like the highest (coupon) so far this year," said a banker.
The expected issue size is S$100-150 million, according to a term sheet seen by The Business Times.
There has been a dearth of high yield Singapore dollar bonds as investor appetite soured following the default by Swiber in July.
"The environment is very tough," said the banker, adding that there is room for investment grade issues but less so for unrated high yield bonds.
LMIR said that the proceeds will be for "refinancing of existing indebtedness".
The sole global coordinator is OCBC Bank. Joint bookrunners are OCBC Bank and CIMB, while joint lead managers are OCBC Bank, CIMB and BNP Paribas.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Telegram messaging service to allow Tether stablecoin payments
Hong Kong regulator to probe PwC auditing role over Evergrande
US: S&P, Dow open flat as Middle East jitters ease, Netflix weighs on Nasdaq
DBS puts 46 retail units, HDB shops on market for S$210 million
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade