Key economic releases for the week

• Mon, 26 Jul: SG earnings: LIPPO MALLS INDONESIA RETAIL TRUST – Aft Mkt; SG: Industrial Production YoY (1:00PM)
• Tue, 27 Jul: SG earnings: KEPPEL REIT, ASCOTT RESIDENCE TRUST – Bef Mkt, MAPLETREE INDUSTRIAL TRUST – Aft Mkt
• Wed, 28 Jul: SG earnings: KEPPEL INFRASTRUCTURE TRUST, AIMS APAC REIT – Bef Mkt, CAPITALAND INTEGRATED COMMERCIAL TRUST – Bef Mkt
• Thu, 29 Jul: SG earnings: KEPPEL CORPORATION, CAPITALAND CHINA TRUST – Bef Mkt, FIRST REAL ESTATE INV TRUST – Aft Mkt, OUE COMMERCIAL REIT – Aft Mkt, SEMBCORP MARINE – Aft Mkt, SINGAPORE AIRLINES – Aft Mkt, STARHILL GLOBAL REIT – Aft Mkt; SG: Unemployment rate SA (29th – 30th); US: FOMC Rate Decision (2:00AM); US: Core PCE QoQ (8:30PM); US: GDP (8:30PM)
• Fri, 30 Jul: SG earnings: FAR EAST HOSPITALITY TRUST – Bef Mkt; SG: Bank Loans and Advances YoY (10:00AM); SG: Money Supply M1 YoY (10:00AM)

Last Week Summary

Asia G3 primary bond market continues to steamroll over a volatile week for risk assets with 28 bonds priced over 23 deals this week. US$9.466bn new bonds were issued this week, 23% week on week increase. Of the 23 deals, 8 of them came from the Chinese real

estate sector despite more negative headlines from China Evergrande Group. The group’s

bonds and equities are currently trading at historical lows. It is without surprise all Chinese

real estate bonds issued this week traded down in the secondary market. US$9.466bn of bonds was issued from 23 deals. Breakdown: Investment Grade: US$6.138bn, High Yield: US$1.720bn, Non-Rated: US$1.608bn.

• Vertex Venture Holdings, a Singapore-based venture capital firm backed by Temasek, raised S$450mn (about US$330mn) through the issuance of seven-year senior unsecured Singapore dollar bonds at a coupon rate of 3.3%. The issuance is part of the firm’s maiden US$2bn multicurrency debt issuance programme.
• 3 outstanding mandates remain from last two weeks.
• This will be the last SG Bonds Weekly issue. Coverage will cease due to shifting of resources to focus on individual bond coverage.