SG Bonds Weekly – Week 42 October 12, 2020 113

  • Starhill Global Real Estate Investment Trust obtained a three-year unsecured and committed revolving credit facility of S$40 million from UOB.
  • Olam International has upsized its flagship debt facility by US$300 million to US$1.98 billion, and will use it to refinance existing loans.
  • Suntec Real Estate Investment Trust’s manager is looking to acquire a half stake in London’s Nova development from Canada’s pension fund, based on an agreed property value of £430.6 million (S$766.5 million).

 

Outlook for the week

Key economic releases for the week

  • Tue, 13 Oct: Singapore Press Holdings results, US: CPI YoY (8:30PM), CH: Exports YoY
  • Wed, 14 Oct: SG: GDP YoY (8:00AM),
  • Thu, 15 Oct: Soilbuild Business Space REIT results – Aft Mkt, CH: CPI YoY (9:30AM)
  • Fri, 16 Oct: SG: Non-oil Domestic Exports YoY (8:30AM), US: Industrial Production MoM (9:15PM)

 

Last week summary

  • Starhill Global Real Estate Investment Trust obtained a three-year unsecured and committed revolving credit facility of S$40 million from UOB, its manager announced on Monday evening.
  • Olam International has upsized its flagship debt facility by US$300 million to US$1.98 billion, and will use it to refinance existing loans, said the group in a statement on Tuesday.
  • Commercial investment sales jumped by 96.4 per cent quarter on quarter to some S$3.3 billion. Significant commercial deals were “prevalent” in Q3 as the economy began to reopen after Covid-19 pandemic-related restrictions according to Knight Frank’s Q3 market report published on Friday.
  • Suntec Real Estate Investment Trust’s manager is looking to acquire a half stake in London’s Nova development from Canada’s pension fund, based on an agreed property value of £430.6 million (S$766.5 million). The Nova development consists of two Grade A office blocks with ancillary retail – Nova North and Nova South – as well as The Nova Building, a primarily residential asset.

 

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Timothy Ang
Research Analyst
Phillip Securities Research

Timothy covers credit analysis of local and foreign bonds. Previously an equity dealer, he handled equity trade execution and portfolio management. 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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