Capitalmalls Asia发行的2.15%年息3年债券怎么样？

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SINGAPORE - Bonds, typically sold to institutional investors, are now increasingly making their way to the man on the street.

CapitaMalls Asia (CMA) is issuing $200 million in corporate bonds to retail investors, becoming the second local company after Singapore Airlines to do so. SIA's $50 million bond issuance to mom-and-pop investors took place last September.

CMA, which is targeting $2 billion worth of new retail projects this year, plans to use the proceeds from its bond issuance to expand in China, Malaysia and Singapore.

The issuance "will optimise our capital structure and our sources of funding," said Mr Lim Beng Chee, chief executive officer of CMA, adding that the company's "portfolio of income-producing assets will give the investors a fixed and good return".

CMA aims to raise $100 million by selling one-year bonds, which will pay 1-per-cent interest. The other $100 million will be raised from three-year bonds, which carry an interest rate of 2.15 per cent.

The minimum sum that a retail investor needs to invest is $2,000.

Mr Wilson Liew, an investment analyst at Kim Eng Securities, said the bond issuance would have little influence on CMA's performance.

"If you look at the quantum of the bonds, it is not large compared to the total size of the business," said Mr Liew.

CMA has retail properties worth $21.6 billion in its portfolio.

Market watchers say bonds of highly-rated companies are an attractive investment, compared with government debt. Singapore government bonds maturing in one year currently yield 0.4 per cent annually.

CMA's bonds are available from 9am today and the issue, which can be subscribed at ATMs of local banks, will close at noon on Jan 17.

Trading in CMA's bonds is expected to begin on Jan 24. Jo-Ann Huang