Ascendas €300 million seven-year notes to yield mid-swaps plus 90 bps

By Rebecca Melvin

Concord, N.H., June 16 – Ascendas Real Estate Investment Trust set terms for a €300 million issue of seven-year notes to yield mid-swaps plus 90 basis points, according to a market source on Wednesday.

The notes (expected: A3) are being issued by HSBC Institutional Trust Services (Singapore) Ltd., trustee of Ascendas.

Yield was set at the tight end of guidance for a spread of mid-swaps plus 90 bps to 95 bps and initial price talk in the area of mid-swaps plus 110 bps. Final pricing was expected later Wednesday.

Investor orders for the deal rose to about €1 billion by the time guidance was released.

BNP Paribas, HSBC, MUFG and Natixis were active bookrunners of the Regulation S deal, for which proceeds are expected to be used to finance general working capital purposes including financing or refinancing acquisitions of the group.

Ascendas is a business and light industrial real estate investment trust in Singapore.

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