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perpetual securities
Bonds and treasuries
Credit Suisse offers perpetual securities with indicative yield of 9.75%
Credit Suisse's indicative coupon for perpetual securities is 9.75%
June 17, 2022
REITs
ESR-LOGOS REIT prices $150 mil worth of subordinated perpetual securities with 5.50% p.a. coupon
The SGD-denominated securities will be drawn down under the REIT’s $750 million multicurrency debt issuance programme.
June 03, 2022
REITs
Lendlease Global REIT upsizes perps issue to $200 mil
On Feb 14, LREIT announced plans to acquire its remaining interest in Jem for $2.08 billion.
April 04, 2022
Company in the news
SingPost issues $250 mil subordinated fixed rate perpetual securities with 4.35% p.a. coupon
The perpetual securities are expected to be issued on April 6.
March 31, 2022
REITs
REITs can't fully camouflage gearing with perpetual securities
Perpetual securities have been used to camouflage gearing but will be unable to do so with ICR to be implement in 2022.
October 06, 2021
REITs
AA REIT acquires Woolworths HQ in DPU accretive deal funded by debt and perps
AA REIT acquires Woolworth headquarters which is accretive to DPU based on funding structure of debt + perpetual securities
October 03, 2021
REITs
Keppel Corp prices $400 mil perpetual securities with 2.90% p.a. coupon
The first reset of the distribution rate will be on Sept 16, 2026.
September 07, 2021
REITs
AIMS APAC REIT issues $250 mil subordinated perpetual securities with coupon of 5.375% p.a.
The perpetual securities will be admitted on the SGX-ST’s official list on Sept 2, at 9am.
September 01, 2021
REITs
LMIRT reopens 12 malls, resets perps because of challenges tapping bank debt and capital markets
LMIRT's manager, aware that it is unable to tap bank debt and capital markets, resets perps, and is likely to reopen 12 malls
August 18, 2021
REITs
First REIT’s manager announces reset of perps, cites adverse market conditions for non-redemption
First REIT announced a reset of its perpetual securities instead of redemption citing adverse market conditions
July 07, 2021