There seem to be quite a few stock and bonds offerings coming up for the market recently. Now, there's a 6% perpetual capital security being offered by Hyflux. Some information on the perpetual security. The earliest date that the company can redeem these perpetual securities is 27 May 2020, which is 4 years away. But it can also choose not to redeem it then and redeem it at another distribution date (which is on 27 May and 27 November of each year) after that. But if they do not redeem the bonds on 27 May, the interest rate will change to the sum of the 4-year SOR at the reset data + initial spread (which is 4.2%) + step-up-margin of 2% They can also choose not to pay the interest unless they (or their subsidaries) have (1) paid a distribution, dividend or any other payment on their junior obligations (think shares) ......