Perennial Real Estate Holdings sees major demand for its bonds

SINGAPORE - Property firm Perennial Real Estate Holdings has received overwhelming demand for its three-year bonds, it said on Thursday.

The three-year bonds to the retail market have an annual payout of 4.65 per cent.

The public offer closed at 9am on Oct 21, and the total valid applications received under the public offer tranche was about S$488.8 million.

It had a total subscription of about S$618 million for the offer, from the public offer tranche and under the placement tranche.

The firm said this "translates to an oversubscription of about 4.1 times based on the initial launch of S$150 million".

As a result of the overwhelming subscription for the initial public offer, the amount available for subscription under the public offer tranche has been raised to S$200 million.

Chief executive Pua Seck Guan said: "The strong demand for our retail bonds, despite the volatility in the global macro-economic environment and equity markets, is indeed a strong testament of investors' confidence in our company's business and sponsors."

rachaelb@sph.com.sg