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perpetual securities
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
REITs
Features that make perpetual securities of REITs more equity-like than debt
Certain features make perpetual securities - which are back in fashion - more equity-like than debt-lik
June 11, 2021
Funds
OUE Lippo Healthcare launches recapitalisation plan in bid to build sustainable capital structure
Shares in OUE Lippo Healthcare closed flat at 3.7 cents on Feb 23.
February 23, 2021
Zest
UOB prices Singapore's first capital securities with reset coupon rate that references SORA Overnight Indexed Swap rate
The securities are priced at a coupon of 2.25% per annum, 181 basis points above the prevailing five-year SORA-OIS as at Jan 7.
January 08, 2021
Company in the news
Vallianz exercises right to defer distribution for US$22.5 mil perpetual securities
The payment of distribution was supposed to be due on Jan 5.
January 05, 2021