NEW bond issues in particular perpetuals have flown off the shelf as yield-hungry private bank clients swarm back into the local bond market.French bank Societe Generale's S$750 million issue on April 9 saw demand for S$1.55 billion, allowing the perps to be priced at 6.125 per cent, tightened from the initial 6.5 per cent guidance.
OCBC Bank was the sole lead manager and bookrunner for the transaction, and has lead-managed every Frasers Property bond transaction on a sole-led basis since 2016. The Markit SGD corporates total-return index has been hitting new highs practically daily over a month now; it rose to 127.6216 on April 11 before easing to 127.5926 on April 12, according to Bloomberg. It is up 2 per cent since the start of the year.The price of the first perp issue in 2019, ST Telemedia's S$350 million 5 per cent has soared; sold in January it hit a high of 104.410 on April 11. It was off slightly to 104.373 on April 12.
Perps have no maturity though most are sold with a call date, which is when the issuer has the right, but not the obligation to redeem the bonds. All the three perp deals sold so far have a call date in their fifth year. In the previous two years over S$10.5 billion worth of perps was redeemed against issuance worth S$9.6 billion.
Source: News Formal (newsformal.com)
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