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Investor ultimatum: stricter covenants or higher coupons on perps
May 08, 2012
As the perpetual bond market deepens, investors are growing increasingly stringent about demanding protective covenants. Issuers must comply or be prepared to pay out much higher coupons.
The perpetual bond market is taking off, predominantly in Singapore, but it is likely that corporations from other Asian countries will follow. As investors become increasingly familiar with the structure, the demand for protective covenants has increased to such an...
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