Sep 19, 2014

    Frasers Centrepoint's $600m bonds snapped up

    FRASERS Centrepoint's $600 million debut perpetual issue, the largest perpetual deal this year has been snapped up, said DBS Bank yesterday.

    The hot demand led to the NC-5 perpetual bonds being priced at 4.88 per cent, lower than the initial guidance of 5.00 per cent.

    NC-5 means the bonds cannot be redeemed by the issuer until the fifth year, or Sept 24, 2019.

    Orders were in excess of $3.5 billion, said DBS.

    DBS Bank and Maybank Kim Eng were global coordinators of the issue.

    Frasers Centrepoint is an international real estate company with core businesses and assets across residential, commercial and hospitality sectors.

    The former real estate arm of the Fraser and Neave group, Frasers Centrepoint's core markets are Singapore, China and Australia.

    It is a sponsor and manager of three real estate investment trusts. They are Frasers Centrepoint Trust, Frasers Commercial Trust and Frasers Hospitality Trust, which are focused on retail, office and business space, and hospitality properties respectively.