CapitaMall Trust Management priced a $500 million Reg-S deal under its $2 billion euro medium-term note programme yesterday. The senior unsecured notes were issued at par, carry a fixed-rate coupon and yield of 4.321%, and mature on April 8, 2015. The issuer was CMT MTN, which is a wholly-owned subsidiary of CapitaMall Trust. Morgan Stanley acted as the sole bookrunner.
Prior to launch, the arrangers went out with a price whisper in the mid- to high-100bp range. Based on investor feedback, CMT then went posted initial guidance representing a spread of 170bp to 180bp over US Treasuries.
At this stage, the issuer advised that it was looking to issue at a...
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