Mapletree Industrial Trust raised S$300mn ($225mn) via a Perpetual non-call 5Y (PerpNC5) bond at a yield of 3.15%, 22.5bp inside initial guidance of 3.375% area. The bonds have expected ratings of BBB- and received orders over S$1.1bn, 3.7x issue size. Asset managers bought 50%, private banks 35%, insurers 13% and hedge funds and corporates 2%. Private banks will receive a 25-cent concession. The issuer of the notes is DBS Trustee (BBB+), acting as trustee of the Singapore REIT. The bonds have a coupon reset at the end of the fifth year and every 5Y thereafter to the prevailing 5Y SGD SOR or a replacement benchmark plus the initial spread of 208.2bp. There is no coupon step-up on the bonds. Proceeds will be used for general corporate needs, including debt refinancing.

Mapletree’s new perps were priced 37bp over Ascendas REIT’s 3% Perps that are rated one notch higher at Baa2 callable in September 2025, yielding 2.78%. The table below compares Mapletree’s new perps to Ascendas’ and other SGD REIT perps which are unrated.
Mapletree’s bonds were trading stable – its SGD 4.5% Perp was at 101.35, yielding 2.56% and its SGD 3.11% 2026s were at 106.3, yielding 1.86%.

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