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Lakshmi Iyer, CFA

Credit

<p>We rate the <a href="https://www.smartkarma.com/entities/oue-ltd" target="_blank" data-smartkarma-citation="entities:9984:1" rel="noopener">OUE Ltd (OUE SP)</a> SGD bond due 2023 "Hold" at current levels, although they have not participated meaningfully in the recent rally in credit markets.  The upcoming debt repayments at the OUE level are manageable, in our view. However, given the large amounts of debt coming due at OUE-CREIT, we prefer to remain cautious. We would suggest investors in OUE bonds keep an eye on the progress of debt refinancing at the REIT level.</p><div class="content-highlight"><p><em>Fundamental credit research focused on Asian high yield, including coverage of areas which are generally overlooked such as Indian finance companies and non-USD denominated credit (SGD).  Sector agnostic. Research process consists of rigorous bottom-up company analysis combined with spotting market dislocations to provide trade ideas.</em></p></div>

We rate the OUE Ltd (OUE SP) SGD bond due 2023 "Hold" at current levels, although they have not participated meaningfully in the recent rally in credit markets.  The upcoming debt repayments at the OUE level are manageable, in our view. However, given the large amounts of debt coming due at OUE-CREIT, we prefer to remain cautious. We would suggest investors in OUE bonds keep an eye on the progress of debt refinancing at the REIT level.Fundamental credit research focused on Asian high yield, including coverage of areas which are generally overlooked such as Indian finance companies and non-USD denominated credit (SGD).  Sector agnostic. Research process consists of rigorous bottom-up company analysis combined with spotting market dislocations to provide trade ideas.

OUE Ltd

OUE Ltd. - Bonds Not Joining the Party