Hyflux, Singapore’s largest water treatment company by market value, has closed a S$175 million US$140 million perpetual bond, the first Singapore dollar-denominated perpetual in more than three months and the company’s second this year.
Investor appetite for perpetual bonds, or fixed-income instruments with no maturity, has waned due to increasing competition from plain vanilla notes, which have mushroomed from last year’s year-to-date volume and are able to offer investors decent return.
According to Dealogic data, there has been S$13 billion worth of Singapore dollar-denominated plain vanilla bonds so far this year, a 44.4% increase from last year’s S$9 billion during the same period.
...
¬ Haymarket Media Limited. All rights reserved.
