Ascott Residence Trust sets precedent in skipping first call on perpetual
Some market watchers say non-call move could pave the way for other issuers to skip first calls
Singapore
ASCOTT Residence Trust (ART) will not be redeeming its S$250 million, 4.68 per cent perpetual issue on its first call date next month. The move sets a precedent for real estate investment trust (Reit) perpetuals.
In choosing not to call the perpetual, the hospitality trust has crushed market expectations that issuers will redeem these instruments at first call. Some market watchers said this could pave the way for other issuers to skip the first calls.
ART, the largest hospitality trust in Asia-Pacific with an asset value of S$7.4 billion as of the end of last year, issued a regulatory statement on Friday …
A NEWSLETTER FOR YOU
Lifestyle
Our picks of the latest dining, travel and leisure options to treat yourself.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
GM CEO Barra compensation fell 4% in 2023 to US$27.8 million
Prada’s sales up 16% in first quarter as Miu Miu shines
Boeing reports first revenue drop in 7 quarters as deliveries decline
OUE Reit Q1 NPI rises 6.9% to S$60.5 million
OKP unit gets S$92.9 million LTA contract
Greenback recovers from PMI slump, yen closes in on 155 per dollar