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Wing Tai Properties' perpetual bonds more than four times subscribed

PROPERTY company Wing Tai Properties is looking to raise S$160 million through an issuance of senior guaranteed perpetual capital notes, priced at a coupon of 4.35 per cent.

It received an order book of over S$750 million from over 55 accounts - 70 per cent from private banks and the rest from funds, insurance and banks.

Eighty-three per cent of the demand came from Singapore and 17 per cent from Hong Kong and other jurisdictions.

Net proceeds from the issue will be used by the group for its business activities, including the financing of the group's business expansion and general working capital.

DBS Bank was the sole lead manager and bookrunner.