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News - Detailed News Story

Keppel Reit

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Last Done 1.110
Change - (-)
Volume 415
Range 1.100 - 1.110

Ascendas Reit

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Last Done 3.270
Change -0.010 (-0.30%)
Volume 1,986.9
Range 3.260 - 3.290

Frasers HTrust

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Last Done 0.490
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SoilbuildBizReit

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Last Done 0.410
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Last Done 1.040
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Reit perp holders risk drops in coupon rate if issuers reset

03 Jun 2020 09:00

By Lee Meixian

AS analysts expect more Reit issuers of perpetual bonds to follow in Ascott Residence Trust's (ART) footsteps, DBS Group Research on Monday flagged that perpetual holders could face a risk of a 1 to 1.8 percentage point drop in coupon rates if the issuers choose to skip their first calls.

In the second half of this year, Ascendas Reit's 4.75 per cent S$300 million perpetual bonds and Keppel Reit's 4.98 per cent S$150 million perpetual bonds will approach their first call date on Oct14 and Nov 2, respectively.

DBS thinks that given how their reference rate is calculated, and the recent plunge in Singapore's five-year swap offer rate (SOR), holders of perpetuals may find their coupon rates adjusted downward to 2.9 per cent and 3.2 per cent, respectively - which is more than 150 basis points below the original rates.

DBS in its report said that ART set a precedent when it decided to reset its S$250 million, 4.68 per cent perpetual issue rather than the more common approach of redeeming existing perpetual bonds and replacing them with a new issuance of perps.


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Source: Business Times
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