Mapletree Investments plans to issue perpetual bonds at around 4 percent: Client note

Mapletree Industrial Trust property at 18 Tai Seng in SingaporeMapletree Industrial Trust property at 18 Tai Seng in Singapore

Mapletree Investments, via Mapletree Treasury Services, plans to issue perpetual fixed-rate bonds at around 4 percent, with the offering at a Singapore-dollar benchmark size suggesting it will be at least S$250 million, according to a client note from PhillipCapital seen by Shenton Wire.

The “landing guidance” is at the 3.6 percent area, the note said.

The bonds will be issued under Mapletree Investments’ US$5 billion euro medium-term note program, the note said.

Distributions will be semi-annually in February and August of each year, with the first payment set for February 2022, the note said. The offerer will have the option to redeem the notes on every payment’s distribution date, starting from August 2024, the note said.

The note said the bonds will be in denominations of S$250,000.

DBS Bank, HSBC and OCBC Bank (B&D) are the joint lead managers and bookrunners of the offer, the client note said.

Owned by Singapore state-owned investment company Temasek Holdings, Mapletree Investments is a real estate development, investment, capital and property-management company based in Singapore. As of end-March, the company owns and manages S$66.3 billion of data center, industrial, lodging, logistics, mixed-use, multifamily, office, residential and retail properties. It also manages four Singapore-listed REITs and five private equity property funds, holding assets across Asia Pacific, Europe, the U.K. and the U.S.