CK Asset’s Panther Ventures pricing SGD benchmark perpetual notes

Singapore five-dollar note Photo by Leslie Shaffer

Panther Ventures, which has Hong Kong-listed CK Asset Holdings as its guarantor, is pricing benchmark Singapore dollar guaranteed senior perpetual capital securities, according to a client note seen by Shenton Wire.

The pricing guidance is the 3.625 percent area, with landing guidance in the 3.3 percent area, although the final coupon is subject to market conditions and demand, the client note said.

The interest rate will be fixed for the life of the notes, with no rate reset or step-up, the client note said.

The benchmark status suggests at least S$250 million in notes will be sold. A HKSE listing will be sought for the notes, the client note said.

The issuer has the option to defer distributions at its sole discretion on a cumulative and compounding basis, the client note said, adding the notes are also callable in whole or in part in 2024 or afterward. Partial redemptions are subject to a minimum S$200 million in notes remaining outstanding, the client note said.

The proceeds will be used for CK Asset’s general corporate purposes, the client note said.

The denomination will be S$250,000, the note said.

The issuance is expected to receive an A2 rating from Moody’s Investors Service, the note said, adding Moody’s rates CK Asset at A2 and S&P rates the company at A, both with a stable outlook.

CK Asset, previously known as Cheung Kong Property, is a Hong Kong-based investor and property developer, with operations in hotels, serviced suites, project management, aircraft leasing, pub operation and infrastructure investment and operation.

Panther Ventures operates real estate-related services, such as housing renovation, loans and brokerage.