OUE C-REIT – Beware of the CPPU Timebomb

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Lakshmi Iyer, CFA

Debt Capital Markets

OUE Commercial REIT / Debt Capital Markets

<p><a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912:1" rel="noopener">OUE Commercial REIT (OUECT SP)</a>  issued a S$100mn 5-year bond at a yield of 4% yesterday. This Insight is a short note presenting our thoughts on the deal - its context,  valuation, etc. Overall, we think they are fairly valued with respect to the <a href="https://www.smartkarma.com/entities/oue-ltd" target="_blank" data-smartkarma-citation="entities:9984:1" rel="noopener">OUE Ltd (OUE SP)</a> 3.55% bonds due 2023. </p><div class="content-highlight"><p>Fundamental credit research focused on Asian high yield, including coverage of areas which are generally overlooked such as Indian finance companies and non-USD denominated credit (SGD).  Sector agnostic. Research process consists of rigorous bottom-up company analysis combined with spotting market dislocations to provide trade ideas.</p></div>

OUE Commercial REIT (OUECT SP)  issued a S$100mn 5-year bond at a yield of 4% yesterday. This Insight is a short note presenting our thoughts on the deal - its context,  valuation, etc. Overall, we think they are fairly valued with respect to the OUE Ltd (OUE SP) 3.55% bonds due 2023. Fundamental credit research focused on Asian high yield, including coverage of areas which are generally overlooked such as Indian finance companies and non-USD denominated credit (SGD).  Sector agnostic. Research process consists of rigorous bottom-up company analysis combined with spotting market dislocations to provide trade ideas.

OUE Commercial REIT

OUE Commercial REIT 4% Bonds - Neutral