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Limited-time offer
Perpetual Credit Income Trust (ASX: PCI)
Easy access to credit and fixed income securities
Perpetual Credit Income Trust (ASX: PCI) is designed to deliver monthly income by investing in a diverse pool of credit and fixed-income assets.
PCI targets a total return of RBA cash rate + 3.25% per annum (net of fees) through the economic cycle.*
Buying and selling ASX-listed PCI units is easy. Access them through your stockbroker, share trading account or securities platform, just as you do with shares.
Search for ASX code “PCI” or scroll down for more information.
*This is a target only and may not be achieved.
Limited-time offer: Entitlement Offer and Shortfall Offer announced
PCI intends to raise up to ~$A267 million via a 1 for 2 pro-rata non-renounceable Entitlement Offer to Eligible Unitholders and a Shortfall Offer.
Offer price of A$1.10 per unit, representing a 9.1% discount to the Trust’s closing unit price on 7 November 2025.
The proceeds of the Offer are intended to be used to enable the Investment Manager to actively pursue additional investments in accordance with the Trust’s current investment strategy and objective. PCI's Manager sees an attractive pipeline of corporate loan and securitised asset deals which will complement the relative value opportunities identified in investment grade and high yield credit and fixed income assets.
1-for-2 Non-Renounceable Entitlement Offer
Pro-rata non-renounceable entitlement offer of one (1) new unit in PCI for every two (2) existing units in PCI to eligible unitholders of PCI.
An Eligible Unitholder is a person who:
- is registered as a holder of units of PCI at 7pm Sydney time on Thursday, November 13, 2025;
- has a registered address in Australia or New Zealand as noted on PCI’s register of unitholders or are persons that PCI’s issuer has otherwise determined in its discretion to be eligible unitholders;
- is not located in the United States and are not acting for the account or benefit of a person in the US (to the extent that such Unitholders hold units for the account or benefit of a person in the United States); and
- is eligible under all applicable securities laws to receive an offer of new PCI units under the entitlement offer.
Eligible unitholders who take up their full entitlement may apply for additional new PCI units in excess of their entitlement at the offer price through a Top-Up facility under the Entitlement Offer.
Further details regarding the entitlement offer are set out in the investor presentation released to the ASX on November 10, 2025. Refer to the timetable below for details on the key dates of the Entitlement Offer.
Shortfall Offer
Certain wholesale investors will be invited to apply for new units in PCI not subscribed for under the Entitlement Offer and Top Up facility under a Shortfall Offer. The Shortfall Offer is being conducted via Joint Lead Managers between Monday, November 10 and Thursday, November 13 (5pm Sydney time, unless closed earlier):
- Commonwealth Securities Limited
- Ord Minnett Limited
- Morgans Financial Limited
- National Australia Bank Limited
- E&P Capital Pty Limited
Refer to the timetable below for details on the key dates of the Shortfall Offer.
|
Event |
Date |
|
Announcement of Entitlement Offer |
Monday, 10 November 2025 |
|
Shortfall Offer opening date |
Monday, 10 November 2025 |
|
Units trade on ex-Entitlement Offer basis |
Wednesday, 12 November 2025 |
|
Record Date- Entitlement Offer (7:00 PM Sydney time) |
Thursday, 13 November 2025 |
|
Shortfall Offer Closing Date (5: 00 PM Sydney time, unless closed earlier) |
Thursday, 13 November 2025 |
|
Offer Booklet and Acceptance forms are dispatched and made available to eligible holders |
Tuesday, 18 November 2025 |
|
Entitlement Offer Opening Date |
Tuesday, 18 November 2025 |
|
Entitlement Offer Closing Date (5:00 PM Sydney time) |
Thursday, 27 November 2025 |
|
Announcement of results of Entitlement Offer and Shortfall Offer |
Monday, 1 December 2025 |
|
Settlement of new units in PCI (New Units) and additional new units in excess of an Eligible Unitholder's entitlement (Additional New Units) under the Entitlement Offer |
Monday, 1 December 2025 |
|
Issue of New Units and Additional New Units under the Entitlement Offer |
Tuesday, 2 December 2025 |
|
Commencement of normal trading of New Units and Additional New Units under the Entitlement Offer |
Wednesday, 3 December 2025 |
|
Settlement of New Units under the Shortfall Offer |
Friday, 5 December 2025 |
|
Issue of New Units under the Shortfall Offer |
Monday, 8 December 2025 |
|
Commencement of normal trading of New Units issues under the Shortfall Offer |
Tuesday, 9 December 2025 |
*The timetable above is indicative only and subject to change without notice. Perpetual Trust Services Limited as the responsible entity and issuer of Perpetual Credit Income Trust (Issuer) reserves the right to amend any or all of these dates and times without prior notice, subject to the Corporations Act, the ASX Listing Rules and other applicable laws. In particular, the Issuer reserves the right to extend the Closing Date, to accept late Applications under the Entitlement Offer (either generally or in particular cases) and to withdraw the Entitlement Offer or Shortfall Offer without prior notice. Any extension of the Closing Date will have a consequential effect on the allotment date of New Units (including any Additional New Units).
Meet the portfolio managers
Perpetual Asset Mangement's credit and fixed income team is one of the most skilled in Australia, with decades of experience.
PCI’s portfolio manager Greg Stock (left) has more than 30 years of experience and is Perpetual’s Head of Credit Research.
Greg is a co-founder of the team along with PCI deputy portfolio manager Michael Korber (middle).
Michael Murphy (right) is a portfolio manager and senior high-yield analyst who manages the Perpetual Loan Fund – a portfolio of private and syndicated loans. PCI may invest up to 70% in the Perpetual Loan Fund.
Watch a short webinar with PCI portfolio manager Greg Stock
Hear from Perpetual’s Head of Credit Research, Greg Stock, on:
- Current market outlook and how he is positioning the PCI portfolio
- Private credit – what are some of the pitfalls and how he is avoiding those
- What can investors expect from the Perpetual Credit and Fixed Income team
Key features
Monthly income
Floating rate exposure
Diversification
ASX listed - liquidity
Monthly income
PCI targets a total return of RBA Cash Rate plus 3.25% p.a. (net of fees) through the economic cycle*. It intends to pay distributions monthly.
* This is a target only and may not be achieved.
Floating rate exposure
PCI is designed to have predominantly floating rate exposures. This ensures a low sensitivity to changes in interest rates and can mitigate the impact of bond yield volatility.
Diversification
Access to a broad range of credit and fixed income assets diversified by country, asset type, credit quality, loan maturity and issuer. Many of these assets may not be typically available to retail investors.
ASX listed - liquidity
PCI is available via the ASX. You can invest and trade just like any share.
What are the risks?
All investments carry risk. The value of your investment may fall for a number of reasons, which means that you may receive back less than your original investment or you may not receive income over a given timeframe. The level of income distributed can also vary from month to month or no distribution may be made. Before making an investment decision, it’s important to understand the risks that can affect the value of your investment in PCI, including:
- Market and economic risk where external factors may negatively affect the value of PCI’s assets or your investment in PCI;
- Credit risk or default risk where a borrower or counterparty does not meet its principal and/or interest payment obligations as they fail due; and
- ASX liquidity risk that there may not be a secondary market in PCI and that the market price may not reflect a price that represents the fair value of the PCI assets.
This is not an exhaustive list of the risks associated with an investment in PCI. Refer to the “Key Risks” section of the Investor Presentation below for further details.
Frequently asked questions
- Attractive pipeline – the manager sees an attractive pipeline of corporate loan and securitised asset deals which will complement the relative value opportunities identified in investment grade and high yield credit and fixed income assets2.
- Potential for greater liquidity – additional capital raised from the Entitlement and Shortfall Offers will increase PCI’s size which is expected to increase liquidity in PCI’s units traded on the ASX. This is expected to benefit unitholders and may also generate further interest from new investors, brokers, analysts and financial advisers.
- Scale - greater scale in PCI should also benefit unitholders by reducing the PCI’s fixed expense base on a per unit basis.
- No brokerage or other transaction costs apply when participating in the Entitlement Offer.
- Distribution - New Units will be eligible to receive the December 2025 distribution and future monthly distributions (Where the distribution is declared and paid at the discretion of the Responsible Entity). A DRP is also in operation.
The Shortfall Offer is only available to certain wholesale investors. The Shortfall Offer is being conducted via Joint Lead Managers (JLMs) between Monday, 10 November and Thursday, 13 November (5:00pm Sydney time, unless closed earlier). For further information about the Shortfall Offer, please contact your representative at:
- Commonwealth Securities Limited ACN 067 254 399
- Ord Minnett Limited ABN 86 002 733 048
- Morgans Financial Limited ABN 49 010 669 726
- National Australia Bank Limited ABN 12 004 044 937
- E&P Capital Pty Limited ABN 21 137 980 520
An Entitlement Offer booklet and personalised Entitlement and Acceptance Form will be sent to Eligible Unitholders (see definition above) by email or post, depending on their communication preference, on 18 November 2025. Eligible Unitholders should refer to the material in the Offer Booklet, including the “Key Risks” described in the investor presentation as well as other announcements concerning PCI made available on the ASX, before making any decisions in relation to their entitlement.
If an Eligible Unitholder wishes to take up all or part of their entitlement, the unitholder must make payment by BPAY®, if a unitholder residing in Australia, or by BPAY® or electronic funds transfer, if a unitholder residing in New Zealand. Payment details will be set out in the personalised Entitlement and Acceptance Form. You must have an Australian bank account to apply via BPAY®
PCI aims to provide monthly income. The record date of each distribution is typically the last business day of the month.
Download the PCI flyer
Download now
How higher-yielding credit can deliver better fixed-income returns
As investment-grade yields compress and equities hover at all-time highs, investors looking for stronger fixed-income returns may want to consider higher-yielding private credit. Perpetual’s Head of Credit Research and portfolio manager of the Perpetual Credit Income Trust, Greg Stock, explains.
Read more
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Fund manager experience and a proven track record are becoming increasingly important in private credit investing. Perpetual’s Head of Credit Research and portfolio manager of the Perpetual Credit Income Trust, Greg Stock, explains
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Find out more
You can buy and sell shares in PCI on the ASX via your stockbroker, share trading account or other securities platform.
Speak to your stockbroker, accountant or financial adviser.
For more information, please contact us on:
2An investment-grade asset has a higher probability of payment of interest and repayment of principal and is determined based on external independent credit ratings. High-yield assets (unrated or sub-investment grade assets) have a higher risk that the issuer may not be able to meet interest payments or the repayment of principal if difficult conditions arise. Sub-investment grade assets are determined by external independent credit agencies, whereas unrated assets have not been assigned a credit rating. Participation in deals and investment in assets by the Manager is subject to external market factors and the Manager’s investment process.
This information has been prepared by Perpetual Investment Management Limited ABN 18 000 866 535, AFSL 234426 (PIML). Perpetual Trust Services Limited ABN 48 000 142 049, AFSL 236648 (PTSL) is the responsible entity and issuer of the Perpetual Credit Income Trust ARSN 626 053 496 (Trust). PTSL has appointed PIML to act as the manager of the Trust.
The information contained in this website is general information only, is not financial advice, and has been prepared without taking into account your objectives, financial situation or needs. You should consider the product disclosure statement of the Trust issued by PTSL dated 8 March 2019 and the Trust's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.perpetualincome.com.au prior to making any investment decisions in relation to the Trust.  The Target Market Determination for this offer is available at www.perpetual.com.au/pci.
If you require financial advice that takes into account your personal objectives, financial situation or needs you should consult your licensed or authorised financial adviser. No company in the Perpetual Group (Perpetual Group means Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of the Trust or the return of an investor's capital. This information does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of the Trust's units.
Neither PIML nor PTSL give any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained on this website. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. Past performance is not a reliable indicator of future performance.
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This information and the terms of use are subject to change at any time without notice. The contents of this website are intended for residents and citizens of the United Kingdom, and the European Union, and should not be relied on by residents or citizens of other jurisdictions. All investment products and services referenced in this website are managed and offered by either JOHCM or its affiliates within the Perpetual Limited group of companies ("Perpetual Affiliates"). By clicking the “Proceed” button below, you are agreeing to the Terms & Conditions of use.