Perennial Real Estate Holdings Limited ("Perennial") is offering up to S$200m bonds at 4.55% due 2020 with $75m from placement and the balance from public offering. If the demand is overwhelming, the Issuer may issue an additional S$100m bonds. The closing date is 12pm on 27 April 2016. The main purpose of the bonds issuance is to repay debt.

The previous retail bond was sold in October last year with a 3 year tenure and an interest rate of 4.65% and the write up is here. I have recently received my first payout from that bond. Usually a longer dated bond will have a higher interest rate than a shorter tenured bond but it is clearly not evident here. What this effectively means was that the previous "3 year bond" gave better value than the current 4 year bond.