Singapore’s Fullerton Health turned to the perpetual bond market on Thursday, becoming the latest company to adopt a structure that allows issuers to boost their equity capital and gives investors a much-needed source of yield.
The unrated, privately-held company turned to investors around four months after jettisoning a plan to list on Singapore’s stock exchange. It blamed the cancellation of that deal on “market uncertainty” but in the bond market the company got a much smoother reception.
This was partly because investors are eager to buy perpetual bonds from a range of issuers, thanks to the higher yields on offer. But the rarity of such deals from...
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