SINGAPORE (June 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. Instead, ART’s manager has opted for a reset. In the offering circular, the reset is priced at the five-year swap offer rate plus a fixed spread of 2.5%. The five-year SOR is at around 0.52%, translating into a coupon of 3.02%.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $4.99/month*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

SUBSCRIBE NOW