Perennial's four-year 4.55% retail bond placement tranche oversubscribed

THE placement tranche for Perennial Real Estate Holdings' four-year retail bonds paying 4.55 per cent per annum has been slightly oversubscribed, the property group said in a press release on Thursday evening.

Perennial received subscriptions worth S$85 million for the S$75 million placement tranche, it said, adding that it was leaving S$125 million worth of retail bonds for the public tranche.

But it said it may expand the public tranche to up to S$225 million based on demand, which would bring the size of this retail bond offering up to S$300 million in total.

Perennial chief executive officer Pua Seck Guan said in a statement that the placement tranche subscriptions were from "predominantly private bank investors".

This retail offering comes half a year after Perennial sold three-year retail bonds carrying a fixed 4.65 per cent per annum coupon just last October.

The public offer closes at noon on April 27.