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official opening of Tuaspring desalination plant

Hyflux is issuing $300mil perpetual at 6% which will be increased to $500mil if it is oversubscribed. Their placement tranche was 4x oversubscribed and hence they increased it from $50mil to $165mil and it was closed within a day. I guess everyone by now knows that its is a perpetual bond that has a step up in 4 years time. It is also cumulative and compounded with dividend stopper. Mr IPO did a very good write up here. The question now is what is the financial leverage of Hyflux and is it worth the risk to invest? For me personally, how I assess an issuer is to first look at their total equity. Total equity is the "net asset" that is left after deduct all liabilities. ......