** NEW ISSUE : FRASERS HOSPITALITY REIT SGD SUBORDINATED PERPNC5 **
– A new SGD Subordinated PerpNC5 for Perpetual (Asia) Limited (in its capacity as trustee of Frasers Hospitality Real Estate Investment Trust (“FH-REIT”)) has been announced
– Initial Price Guidance at 4.75% area
– Issue size: S$100 million (capped)
– Structure: Unrated, subordinated PerpNC5
Reset at Year 5, no step-up
Dividend stopper, no dividend pusher
Non-cumulative coupon deferral
– Comps: KREITS 4.98 Perp 102.93/ 4.25%
ARTSP 4.68 Perp 101.53/ 4.27%
Books in excess of 200mm
Priced with 4.45% coupon (4.75% initial guidance). Issue size of 100mm, orders in excess of 500mm