The reset rate of distribution will be a rate that’s equivalent to the five-year Singapore overnight rate average (SORA) overnight indexed swap (OIS) plus the initial rate of 2.133% per annum.
CapitaLand Ascott Trust (CLAS) has priced $260 million worth of perpetual securities under its $2 billion multicurrency debt issuance programme.
The perpetual securities carry a rate of distribution of 4.2% per annum, which is applicable to the period from May 28 to March 28, 2031, being the first reset date. The rate is also applicable to the period from then and each reset date thereafter.
