Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292" rel="noopener">Lendlease Global Commercial REIT (LREIT SP)</a> issues S$200m in perpetual securities at 4.2% pa</h3><p>LREIT has issued S$200m in perpetual securities at 4.20% pa, which was oversubscribed based on the initial target size of S$150m. LREIT raised the issuance size to S$200m and tightened the price to 4.20% from the initial guidance of 4.35%. The perpetual securities is issued under its S$1bn multicurrency debt-issuance programme will bear an initial rate of distribution of 4.20% pa. for the first five years. The first reset of the distribution rate will be on 4Jun26; subsequent resets will take place every five years thereafter. The proceeds will be used for the financing of potential acquisition and investment opportunities as well as for general working capital, capital expenditure requirements and refinancing of existing borrowings. Following the issuance, LREIT's aggregate leverage ratio is expected to drop to 31.3% from 35.4% as at 31Mar21.</p>

SingaporeLendlease Global Commercial REIT (LREIT SP) issues S$200m in perpetual securities at 4.2% paLREIT has issued S$200m in perpetual securities at 4.20% pa, which was oversubscribed based on the initial target size of S$150m. LREIT raised the issuance size to S$200m and tightened the price to 4.20% from the initial guidance of 4.35%. The perpetual securities is issued under its S$1bn multicurrency debt-issuance programme will bear an initial rate of distribution of 4.20% pa. for the first five years. The first reset of the distribution rate will be on 4Jun26; subsequent resets will take place every five years thereafter. The proceeds will be used for the financing of potential acquisition and investment opportunities as well as for general working capital, capital expenditure requirements and refinancing of existing borrowings. Following the issuance, LREIT's aggregate leverage ratio is expected to drop to 31.3% from 35.4% as at 31Mar21.

ASEAN Builder's Scoop (28May21) - LREIT issued perps at 4.2%

Singapore

Boustead Singapore is an engineering services group and investment holding company. It specializes in infrastructure-related engineering services, including energy-related engineering and industrial real estate solutions, and provides geospatial technology solutions through the distribution of Esri geographic information systems. The company also has a Healthcare division offering niche medical solutions. Headquartered in Singapore, Boustead Singapore was founded in 1828.

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Boustead Singapore (BOCS SP)

ASEAN Builder's Scoop (28May21) - LREIT issued perps at 4.2%

LREIT issued perps at 4.2%; More GLS sites launched post highly contested bids; BOCS ~7.5% proposed divvy yield; SDPR 1Q21 earnings skyrocketed;...

SCCM Asia Research

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