With a fixed coupon of 2.5%, the five-year bullet deal has a conversion premium of 33% to a spot price of S$4.90 27% to 33% indicated and a yield-to maturity of 5.25%, against an indicative range that was revised from between 5.5% and 6% to 5.25% and 5.5%. There is hard no call for two years and thereafter subject to a 125% hurdle.
The revision of the yield-to-maturity lowered the bond floor from 92 to 90...
