Outlook for the week

Key economic releases for the week

• Mon, 25 Jan: Earnings: KEPPEL REIT, MAPLETREE LOGISTICS TRUST MANAGEMENT – Aft Mkt, PARKWAY TRUST MANAGEMENT – Aft Mkt, SG: CPI YoY (1:00PM)
• Tue, 26 Jan: Earnings: ARA LOGOS LOGISTICS TRUST – Bef Mkt, ARA TRUST MANAGEMENT (SUNTEC) – Bef Mkt, SG: Industrial Production YoY (1:00PM)
• Wed, 27 Jan: Earnings: KEPPEL INFRASTRUCTURE FUND MANAGEMENT – Aft Mkt, ASCOTT RESIDENCE TRUST MANAGEMENT – Bef Mkt
• Thu, 28 Jan: Earnings: KEPPEL CORPORATION, YTL STARHILL GLOBAL REIT MANAGEMENT – Aft Mkt, ASCENDAS PROPERTY FUND TRUSTEE – Aft Mkt, OUE COMMERCIAL REIT – Aft Mkt, AIMS APAC REIT – Bef Mkt, SG: Unemployment rate SA (28th – 29th), US: FOMC Rate Decision (3:00AM), US: Core PCE QoQ (9:30PM), US: GDP Annualized QoQ (9:30PM)
• Fri, 29 Jan: Earnings: MAPLETREE INDUSTRIAL TRUST MANAGEMENT – Aft Mkt, CAPITALAND RETAIL CHINA TRUST MANAGEMENT – Bef Mkt, CDL HOSPITALITY REIT, SG: Bank Loans and Advances YoY (10:00AM)

Last Week Summary

China cements its strong economic recovery as it reported GDP grew 6.5% in the fourth

quarter of 2020, resulting in a positive 2.3% GDP growth for the full year of 2020. With no

surprise, Chinese issuers continue to drive primary debt markets in Asia. 59% of issuance volume in January came from Chinese issuers so far.

• It has been a busy week for ESG investors, with 6 out of 20 deals priced belonging to the ESG sector, totaling USD 5.45bn in volume printed. Investor demand continues to be strong, with demand metrics outperforming those of non-ESG new issues: Average Book Coverage: 7.4x (vs 6.0x for Asia G3 YTD),Average Number of Accounts: 164 accounts (vs 126.3 accounts for Asia G3 YTD).
• New issue pipeline remains heavy with 7 new mandate outstanding from the ones announced over the fortnight.