Credit Flash: Ascendas REIT – Views on new 7y SGD bonds
· Ascendas REIT (AREIT), rated A3 by Moody’s, priced 7y SGD bonds at 3.14% or G+93/Z+73bps, raising SGD200m on about 1.5x book cover.
· Allocations were mostly to asset managers/insurance companies and banks.
· Compared to the existing AREIT curve, the pricing looks fair with some pickup over AREIT’8/23 at 2.92% mid YTM or G+86/Z+66bps for ~1.5y in duration extension.
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Regards,
Winson Phoon, ACA
(65) 6231 5831
Se Tho Mun Yi
(603) 2074 7606
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