This rate is equivalent to the prevailing five-year SORA-OIS plus the initial spread of 2.656%, subject to the benchmark discontinuation and replacement provisions set out in the pricing supplement.
The manager of Suntec REIT, EST Trust Management, has proposed to issue $250 million fixed rate subordinated perpetual securities under its US$2 billion euro medium term securities programme, according to a bourse filing on June 10.
The perpetual securities will be perpetual in respect of which there is no fixed redemption date and will confer a right to receive distribution payments.
The rate of distribution for the perpetual securities from June 17, 2025 to June 17, 2030, or the first reset date is 4.48% per annum, and from the period from and including the first reset date and each reset date falling thereafter, the applicable reset rate of distribution.
