Frasers Property yesterday said it is redeeming $600 million of 4.88 per cent subordinated perpetual bonds issued in 2014, which were also the biggest sale that year.
In a regulatory update before the market opened, the property developer said the issuer, which is its wholly owned subsidiary, is electing to redeem all the perpetual securities at 100 per cent of the principal amount on Sept 24.
The perpetual bonds were the fifth perpetual issuance in 2014 and also the largest perpetual deal by a Singapore non-bank corporation since July 2012 at the time.
Orders were in excess of $3.5 billion, said DBS Bank at the time. The bank was one of the global coordinators.
The demand, meanwhile, was diverse; besides private bank investors, other investors included cash-rich companies.
The hot demand for the perps led to the subordinated NC-5 perpetual bonds being priced at 4.88 per cent, lower than the initial guidance of 5 per cent.
NC-5 means the bonds cannot be redeemed by the issuer until the fifth year, or Sept 24 this year. The bonds were issued under Frasers Property's $3 billion multi-currency debt issuance programme.
Sakae Holdings, best known for its Sakae Sushi restaurant chain, said on Thursday night that it expects to record a loss for the financial year ended June 30.
This is largely from a goodwill impairment of $3.2 million in connection with its purchase of a 51 per cent equity interest in Cocosa Export, said the company in an exchange filing.
It also saw an impairment loss of around $2.8 million under other receivables associated with the group's investment in Cocosa Export and related entities, the operator of conveyor-belt sushi restaurants said in a profit guidance issued on Thursday just before midnight.
Cocosa Export is a Chilean frozen seafood production and trading company, which the group in March 2016 acquired a stake in.
The group disclosed on June 5 that it had been placed on the Singapore Exchange watch list.