In May, ART said it would not be redeeming its S$250 million, 4.68 per cent perp on its first call date the following month, in the first such non-call move for Reit perps.
Without the call, the coupon or distribution rate would be reset on June 30 at the swap-offer rate plus the fixed spread. Some market watchers had said then this could pave the way for other issuers to do the same and skip the first calls. Ascendas Reit's 4.75 per cent perps were issued back in 2015. The manager said then that it intended to use the net proceeds to partially fund the acquisition of a portfolio of logistics properties in Australia.
Other perps with upcoming reset dates include Keppel Reit's 4.98 per cent perp with a call date on Nov 2, 2020 and Frasers' Hospitality Reit's 4.45 per cent perp with a call date on May 12, 2021.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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