Keppel Infrastructure Trust raised S$300mn via a Perpetual non-call 10Y (PerpNC10) bond at a yield of 4.3%, 25bp inside initial guidance of 4.55% area. The bonds are unrated. Keppel Infrastructure Fund Management, as trustee-manager of Keppel Infrastructure Trust, will be the issuer. The issuance is drawn from a S$2bn multi-currency debt issuance programme. If not called, the coupon resets at the end of year 10 on June 9, 2031 and every 10 years thereafter, to the prevailing SOR/relevant replacement rate + initial credit spread of 273.5bp. There is also a coupon step-up of 100bp at the end of year 10. The coupon is deferrable and cumulative. Private banks got a 25-cent rebate. Proceeds will be used for debt refinancing, including bank loans, acquisitions and/or investments, and general working/capital expenditure. The newly issued perps were priced 25bp over their 4.75% PerpNC10s issued in 2019 and callable in June 2029 that yield 4.05% and have a reset of 373.7bp over the 10Y SOR.