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Bond Market News
Guocoland and Frasers Property Decide to Skip Call Dates
December 22, 2022
Singapore-based property developers GuocoLand and Frasers Property decided to skip the call dates on their SGD 4.6% Perp and SGD 4.38% Perp respectively. Guocoland’s S$400m 4.6% Perp has a first call on 23 January 2023, while Frasers Property’s S$300m 4.38% Perp has a first call on 17 January 2023. Both developers said that the non-redemption was due to economic reasons given that the current coupons will not reset on the first call date. GuocoLand’s Perps will reset only on 23 January 2025 and Frasers Property’s Perps will reset on 17 January 2028 to the SOR 7Y+360.9bp and SOR 10Y+318.7bp respectively. Both companies said they have flexibility redeem the notes on any coupon payment date after the first call date. The above two decisions yet again highlight the non-call riskthat are present in perpetual bonds.
Both the perps were trading flat with Guocoland’s SGD 4.6% Perp at 96.7 and Fraser’s 4.38% Perp at 93.15.
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