Some SGD Bond Headlines
Cambridge Industrial Trust Plans SGD Bonds Via RBS
Oct. 24 (Bloomberg) — Investor meetings in Singapore from Oct. 27.
• Issuer: Cambridge-MTN Pte. Ltd. (wholly owned subsidiary of Cambridge Industrial Trust)
• Reg S
>> could be a perpetual bond to follow. Cambridge Industrial Trust is rated BBB- by S&P.
China Fishery Considers CNH/SGD/USD Bond Offerings
• China Fishery met with 5 investors holding more than 50% of Copeinca bonds and may attempt another consent solicitation process
>> China Fishery Group is rated B2 and B(-ve outlook). Subsidiary Pac Andes issued a SGD 3 year bond this year at 8.5%. The bond is indicating a yield of 8.7%.
Moody’s: Ascott REIT’s rating unaffected by issuance of perpetual securities to fund acquisition
Singapore, October 24, 2014 — Moody’s Investors Service says that Ascott Residence Trust’s (Ascott REIT) Baa3 corporate family rating is unaffected by the trust’s issuance of SGD150 million in perpetual securities with a fixed coupon rate of 5% to fund its acquisition of a hotel in Tokyo and three serviced residences in Greater Sydney.
In addition, the rating outlook remains stable.
“Ascott REIT’s financial metrics will remain well within its rating threshold, after the acquisitions. It has used the proceeds from the issuance of the perpetual securities to partially fund its acquisition of a hotel in Tokyo. It will also use the proceeds to fully fund the acquisition of three serviced residences in Greater Sydney,” says Jacintha Poh, a Moody’s Assistant Vice-President and Analyst.
>> Ascott Residential Trust 5% SGD perpetual is indicating a yield of 5.05%.