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perpetual securities
REITs
Changes in ICR, leverage to come into effect immediately, with additional disclosures in March
MAS has streamlined financial reporting to include adjusted ICR of 1.5x and leverage of 50%, including impact of perps.
10 hours ago
Company in the news
Hotel Properties prices $160 mil of subordinated perpetual securities at 5.5%
The securities carry a rate of distribution of 5.5% per annum, with no fixed redemption date.
October 23, 2024
REITs
Cost of perpetual securities' reset in 2024 and 2025 may erode REITs’ DPUs: DBS
About $1.1 billion worth of perps can be called in FY2024. Of that amount, 42% have their first call date this year.
April 11, 2024
Company in the news
Frasers Property to redeem $600 mil perpetual securities under $5 bil multicurrency debt issuance programme
The redemption will take place on April 11, its first call date.
March 11, 2024
Bonds and treasuries
Are fixed rate perpetuals diamonds in the rough?
We think the attractiveness of FFL perpetuals will hinge on the longer-term interest rates outlook
July 05, 2023
REITs
Foreign REITs continue to face challenges
LMIRT will not be paying distributions to perpetual security holders, triggering a dividend stopper (no DPU)
March 21, 2023
REITs
No distributions for $140 million perps says Lippo Malls Indonesia Retail Trust's manager
LMIRT's manager says it won't be paying distributions on its $140m of perps
March 20, 2023
Company in the news
Frasers Property will not be redeeming the $300 mil fixed rate subordinated perpetual securities on first call date
According to the group, the decision to do so was partly due to the current macroeconomic and interest rate environments.
December 17, 2022
Company in the news
GuocoLand will not be exercising redemption option on first call date of $400 mil subordinated perpetual securities
There will not be a reset of the distribution rate of the securities on Jan 23, 2023, which will remain at 4.60% p.a.
December 17, 2022
Bonds and treasuries
State of the SGD corporate perpetual market
Diamonds are forever, perpetuals may be likewise.
September 01, 2022