NOL: postpones its proposed SGD perpetual capital securities issue "in view of the current mkt conditions in Asia". NOL had earlier appointed DBS, HSBC, OCBC, StanChart to be lead mgrs and had planned to undergo a roadshow for the issue. Credit Suisse estd NOL to raise not less than US$200m with 5%+ coupon rate and step-up rate of 1.5% after 10yrs. NOL prev said the proceeds would have been used for invmt in logistics assets.
Market watchers hypothesize that the issue size may have been too big for investors’ liking, or that this could be a sign of declining investor appetite for such perpetual issues.
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