Credit investment implications from recent REITs and developers’ moves

Real estate investment trust (REIT) and property developers form a staple feature of the Singapore dollar (SGD) corporate credit market with $27.5 billion of bonds and perpetuals outstanding in total, rep­resenting around 26% of the market (excluding government bonds and statutory boards).

Given their significant prevalence and the earnings season is in full swing, we think it is an opportune time to share the key sector developments and implications to corporate credit investors.