SGD NEW ISSUE : MAPLETREE COMMERCIAL TRUST SGD 5Y

ISSUER:  Mapletree Commercial Trust Treasury Company Pte Ltd
GUARANTOR: DBS Trustee Limited (in its capacity as trustee of MCT)
ISSUE RATING:  Expected to be Baa2 by Moody’s
STATUS: Senior, Unsecured
FORMAT : RegS, Bearer, S274 & S275 of Singapore SFA
ISSUE SIZE :  TBD
TENOR : 5 Years
COUPON :  2.70% area, semi-annual, actual/365 (fixed)
DENOMS: SGD 250,000
CLEARING: CDP
LISTING:  Application will be made to be listed on SGX-ST
LAW: Singapore Law
DOCUMENTATION:Off Issuer’s SGD 1bn MTN Programme

5 year interest rate 1.67%.

Coupon is 2.7%. Dividend is 5.57%.

Cambridge Trust BBB- 3.5% 11/2018 (4 year), was priced at 3.5% yesterday and is dealing at 100/100.50 (3.43%) today.

It could be that the MAS has decided to reduce the number of bond auctions next year to 7 (from 9) and throw in some “surprise” mini auctions in between. http://www.sgs.gov.sg/~/media/SGS/SGS%20Announcements%20pdf/MiniAuction%20Announcement.pdf

And the new S-Reit ruling is credit positive, yes. Therefore Vivocity will get a $5.5 mio partial renovation later this year.

Oct. 24 (Straits Times) — SINGAPORE – Part of the basement of the VivoCity shopping mall at Harbourfront is set to undergo a $5.5 million renovation later this year, its owner said on Friday.
     Mapletree Commercial Trust (MCT) said in a statement that it plans to create about 15,000 square feet of new retail space at VivoCity’s basement 1 level, which is directly linked to the Harbourfront MRT station.

It does not mean fund managers should be holding their breath for 2.7%. Not after the FOMC last night, for sure.