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%.

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