Frasers Property said that it will exercise its call option to redeem all of its S$350mn ($250.2mn) 3.95% Perpetual bonds. The bonds will be redeemed at par on the call date of 5 October 2022. The Perps were issued in September 2017 under its multicurrency program and the purpose was for its general corporate funding requirements. The bonds were issued under Fraser Centrepoint’s subsidiary FCL Treasury which is now renamed as Frasers Property Treasury. The announcement to redeem the Perp comes well ahead of the bond’s coupon step-up date on October 2027 where if not called, the coupon would step-up by 100bp.

Frasers Property’s 3.95% Perp traded flat at 98.7 with a yield to call of 17.4%.

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