SPH launches new perpetual bond

SINGAPORE Press Holdings (SPH) has launched a perpetual issue on Monday, its second such deal this year.

The issue, a perpetual non-callable 5.5 years has an initial price guidance in the 4.25 per cent area, according to a term sheet seen by The Business Times.

The perpetuals may be called by the issuer after five and a half years. If they are not redeemed at that time, the distribution rate will reset at the end of year 5.5 and every five years thereafter based on prevailing Singapore dollar five-year swap offer rate plus the initial spread and the step-up margin of 100 basis points on May 12, 2025.

SPH - which publishes The Business Times - had priced a S$150 million 4.5 per cent perpetual notes in late May, following a S$1 billion multicurrency debt issuance programme announced early that month.

Sold at 100 par, those notes have risen and on Monday was quoted at 102.792, according to Bloomberg.