Scentre Group’s unconventional $4b option fits the peculiar times – Sydney Morning Herald

The market expected Scentre to do what others in its sector, like rival mall group Vicinity Centres, have done and issue new equity.
Vicinity raised $1.2 billion early in the pandemic and the market anticipated a $2 billion or so conventional offering from Scentre after it incurred a $3.6 billion half-year loss that included a $4 billion write-down of the value of its malls.
The market expected equity but Scentre gave it debt. It issued $US3 billion ($4.1 billion) of 60-year subordinated hybri…

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