Corporate digest
Frasers Property
FRASERS Property is redeeming US$600 million of 4.88 per cent subordinated perpetual bonds issued in 2014 that were also the biggest sale that year. The issuer - its wholly owned subsidiary - is electing to redeem all the perpetual securities at 100 per cent of the principal amount on Sept 24, 2019.
The perpetual bonds were the fifth perpetual issuance in 2014, and the largest perpetual deal by a Singapore non-bank corporate since July 2012 at the time. Orders were in excess of S$3.5 billion, said DBS Bank, one of the global coordinators, at the time. Demand was diverse; besides private bank investors, other investors included cash-rich companies.
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