SG Bonds Weekly – Week 43 October 19, 2020 63

Outlook for the week

Key economic releases for the week

  • Mon, 19 Oct: MAPLETREE LOGISTICS TRUST results – Aft Mkt, CH: Industrial Production YoY (10:00AM)
  • Wed, 21 Oct: CAPITALAND COMMERCIAL TRUST results – Bef Mkt, KEPPEL INFRASTRUCTURE TRUST business update,
  • Thu, 22 Oct: MAPLETREE COMMERCIAL TRUST results – Aft Mkt, CAPITALAND MALL TRUST results – Bef Mkt, US: U.S. Federal Reserve Releases Beige Book (2:00AM)
  • Fri, 23 Oct: SG: CPI YoY (1:00PM), US: Markit US Manufacturing PMI (9:45PM)

 

Last week summary

Primary market activity in Asia hit a new record high. 15 new issues were priced on 15th

October, the highest number of new bonds priced in a single day. This week is also the

second highest weekly volume ever registered for Asia G3 primary markets.

  • Heeton Holdings Limited has announced an exchange off exercise for the holders of its S$118 million 6.08% bond maturing on 19 July 2021. Bondholders are given the option of exchanging their existing bond for S$50k cash and S$200k of a new 6.80% bond expected to mature on 9 November 2023. During an investor call on Friday, the management stated that the exchange was announced due to cash flow timing mismatches from delays in Heeton’s development project completion dates due to COVID-19 restrictions.
  • Frasers Property Ltd’s attributable profit is expected to reduce by 60 per to 70 per cent year on year from the S$560.3 million recorded last year. The company, in a profit guidance on Tuesday on the unaudited financial results for the financial year ended Sept 30, said the novel coronavirus pandemic and the resulting subdued global economic environment have significantly hit its overall business performance.

Soilbuild Business Space REIT reported a 16.5 per cent increase in net property income to S$19.7 million for the third quarter to September. The REIT managed to generate a higher net property income as a reversal was made of allowance for doubtful receivables/provision for rent waivers of S$1.5 million as well as lower property taxes.

 

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About the author

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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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