市场反应很热烈啊。如此看来，1）以后更多公司会用这种方式搞钱， 2），其他公司搞钱时，dividend yield 会降低。 Will Hyflux's 6% dividend on prefs be the new gold? By SIOW LI SEN HYFLUX's first preference share issue seems to be the best thing in the stock market since slice bread going by the chatter of retirees during their morning walks at the iconic Botanic Gardens yesterday. A day after the company launched the deal, not a few private bankers have gotten hot and bothered under the collar from being yelled at by frustrated clients who were told the allocations to Hyflux's prefs were all gone. The fuss was of course the rich 6 per cent coupon or dividend offered by Hyflux's seven-year prefs, with an upside to 8 per cent if the prefs are not redeemed in April 2018. The hoi polloi will get their shot at the deal via ATM application at a minimum $10,000. Not surprisingly then that, by early afternoon yesterday, the issuer's sole lead manager and bookrunner, DBS Bank, closed orders from more than 70 institut (more...)