SG Bonds Weekly (Week 4) – SG Earnings Season Begins January 25, 2021 371

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.

 

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About the author

Profile photo of Timothy Ang

Timothy Ang
Research Analyst
Phillip Securities Research

Timothy covers the US technology sector focusing on hardware companies. Previously a credit analyst, he handled bond analysis and research for the fixed income desk. He has presented seminars for organisations such as SIAS, SPH and IRAS, commentated live market updates for 93.8FM, and authored investment articles for the Business Times newspaper. He graduated with a Bachelor of Commerce in Accounting & Finance from the University of Western Australia.

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