Hyflux tries to revive Singapore perpetuals

The water treatment firm sold the country’s first Singapore dollar perpetual bond since April.

Hyflux, Singapore’s largest water treatment company by market value, has closed a S$175 million US$140 million perpetual bond, the first Singapore dollar-denominated perpetual in more than three months and the company’s second this year.

Investor appetite for perpetual bonds, or fixed-income instruments with no maturity, has waned due to increasing competition from plain vanilla notes, which have mushroomed from last year’s year-to-date volume and are able to offer investors decent return.

According to Dealogic data, there has been S$13 billion worth of Singapore dollar-denominated plain vanilla bonds so far this year, a 44.4% increase from last year’s S$9 billion during the same period.

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