A healthy market: Fullerton adds to perp supply

The company turned its back on a Singapore IPO last year. It has now boosted its equity by turning to bond investors instead.

Singapore’s Fullerton Health turned to the perpetual bond market on Thursday, becoming the latest company to adopt a structure that allows issuers to boost their equity capital and gives investors a much-needed source of yield.

The unrated, privately-held company turned to investors around four months after jettisoning a plan to list on Singapore’s stock exchange. It blamed the cancellation of that deal on “market uncertainty” but in the bond market the company got a much smoother reception.

This was partly because investors are eager to buy perpetual bonds from a range of issuers, thanks to the higher yields on offer. But the rarity of such deals from...

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