SGD New Issue : Mapletree Industrial Trust 8Y 3.02%

MAPLETREE INDUSTRIAL TRUST SGD 8YR 3.02% S$75M

Privately placed so it is a case of willing buyer and seller.

Mapletree Industrial Trust BBB+ rated by Fitch. 8 year interest rates at 2.25% and thus we have a credit spread of 0.77%.

This would be the tightest credit spread we have seen for the Mapletree family of companies because Mapletree Commercial Trust (Baa1 Moody’s)  did a similar 8 year paper back in Feb this year at a spread of 1.37%, paying a coupon of 3.25% for SGD 100 mio !

Even CDL’s exorbitantly low 5 year paper was done at a credit spread of 0.78% last month which led to a spate of tightly price issuance out of premier real estate names.

And to put into perspective, this was the sort of spread HDB was paying to issue bonds this time last year.

Speechless.