SembCorp Industries closed a S$200 million $157 million perpetual bond on Tuesday evening, the first Singapore dollar perpetual in three months.
Investor appetite for perpetuals, or bonds with no maturity, has waned amid rising rates. While the city state was once a hotbed of activity for perpetuals, which were sought after by private banks seeking yield, things have changed. The last Singapore dollar perpetual was sold by property developer GuocoLand in May.
The market has certainly cooled off. A lot of companies are looking at it, but only very select names can come to market, said one source familiar with the deal....
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