SpinFire
Arch-Supremacy Member
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- Apr 9, 2001
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New perpetual securities for retail investors
http://www.businesstimes.com.sg/com...launches-offer-of-up-to-s300m-perpetuals-at-6
Key info
For these perps, Hyflux said distributions shall be payable semi-annually in arrears on May 27 and Nov 27 of each year, with the first payment of distributions scheduled to be made on Nov 27, 2016.
On or after the May 2020 distribution payment, however, the rate may be reset to the swap offer rate (SOR) on the relevant reset date plus an initial spread of 4.2 per cent per annum plus a step-up margin of 2 per cent per annum, Hyflux added.
Initial comments
Hyflux previously issued cumulative preferred shares in 2011 (more details here and here) with a 6% p.a. payout.
Actually I think that the 2011 issue could be a better deal. It's currently trading at ~4% with about 2 years left to next redemption date (yield-to-worst) and ~7.4% if it's not redeemed (yield to maturity).
More comments welcome!
http://www.businesstimes.com.sg/com...launches-offer-of-up-to-s300m-perpetuals-at-6
Key info
For these perps, Hyflux said distributions shall be payable semi-annually in arrears on May 27 and Nov 27 of each year, with the first payment of distributions scheduled to be made on Nov 27, 2016.
On or after the May 2020 distribution payment, however, the rate may be reset to the swap offer rate (SOR) on the relevant reset date plus an initial spread of 4.2 per cent per annum plus a step-up margin of 2 per cent per annum, Hyflux added.
Initial comments
Hyflux previously issued cumulative preferred shares in 2011 (more details here and here) with a 6% p.a. payout.
Actually I think that the 2011 issue could be a better deal. It's currently trading at ~4% with about 2 years left to next redemption date (yield-to-worst) and ~7.4% if it's not redeemed (yield to maturity).
More comments welcome!
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