SINGAPORE (July 6): PhillipCapital analyst Timothy Ang has maintained his “neutral” call on Ascott Residence Trust (ART) following its June 29 announcement that the coupon rate for the ARTSP 4.68% fixed rate perpetual securities issued on June 30, 2015, has been reset to 3.07% per annum.

The next reset date will be on June 30, 2025, at the prevailing Swap Offer Rate (SOR) plus 2.5%.

On May 29, 2019, Ascott Residence Trust’s (ART) manager announced that it has decided not to redeem its 4.68% $250 million of perpetual securities on June 30, the first call date.

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