DBS Group Research has taken a view that the issuance of three perpetual securities by Singapore real estate investment trusts (S-REITs) in 3Q20 marks the return of demand for such securities.

This will over time infuse confidence in investors on the viability of the perpetuals market over time, the brokerage says.

“We believe that the ability for the S-REITs to maintain fairly healthy financial metrics through the depth of the recession in 1H20, could have led to improved confidence on the financing/re-financing ability of these S-REITs,” DBS analysts Derek Tan, Rachel Tan and Dale Tan, and the research team, write in a note dated Sept 15.

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