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Listed developers issued a mountain of public debt in H1
Bond issuance surged to US$2.1b.
Singapore developers are developing a strong appetite for listed debt, as evidenced by the surge in real estate bond issuance in the first six months of the year.
A report by CBRE highlighted that roughly US$2.1b of developer bonds were issued in Singapore in the first half, well in excess of the US$1.8b issued in the whole of 2014.
"Singaporean real estate firms are increasingly accessing funding from convertible bonds, perpetual bonds and medium-term notess," said CBRE.
The biggest offer was Global Logistics Properties' US$1b 10-year notes with a coupon set at 3.875%.
This was followed by CapitaLand's S$650m (US$480m) convertible bond issue.
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