2y paper issued @ 5.95% - in Jan18 they managed to issue 3y @ 3.9%. This is quite a large spike in borrowing costs.
There are 2 retail tranches - one maturing 2018 while the one maturing 2020 is still trading >par. Both issued couple yrs ago @ 4.55-4.65%
As of Jun18, gearing of Perennial is "just" ~80% with 1bio of debt <1y and 2bio beyond.
Overgeared developers better watch their balance sheets cos its not getting pretty.
There are 2 retail tranches - one maturing 2018 while the one maturing 2020 is still trading >par. Both issued couple yrs ago @ 4.55-4.65%
As of Jun18, gearing of Perennial is "just" ~80% with 1bio of debt <1y and 2bio beyond.
Overgeared developers better watch their balance sheets cos its not getting pretty.