SGD Bonds Nominal
S$1.512M
6 SGD counters (incl. Astrea 9 A-1)
USD Bonds
USD203K
GE Life AT1 + Astrea 9 A-2
Annual Income (SGD eq.)
S$81K+
7 coupon-paying bonds; Astrea 9 notes excluded (structure TBD)
Next Coupon
20 Sep 26
ESR-REIT 5.75% → S$7,188
Earliest Call
Nov 2029
Keppel REIT
Live Market Pricing — POEMS, as at 3 Aug 2026 7:00 AM
| Bond | CCY | Nominal | Last Price | Avg Price | Market Value | Unrealized P/L |
|---|---|---|---|---|---|---|
| ESR REIT 5.75% PERP | SGD | 250,000 | 1.036 | 1.000 | S$259,072.50 | +S$9,072.50 (+3.63%) |
| Keppel REIT 3.28% PERP | SGD | 250,000 | 0.996 | 1.001 | S$248,995.00 | −S$1,130.00 (−0.45%) |
| Lendlease Asia 3.90% PERP | SGD | 250,000 | 0.996 | 1.000 | S$248,965.00 | −S$1,035.00 (−0.41%) |
| MoneyMax Treasure 5.00% 30OCT28 | SGD | 250,000 | 1.008 | 1.000 | S$252,017.50 | +S$2,017.50 (+0.81%) |
| Standard Chartered 4.30% PERP | SGD | 250,000 | 1.014 | 1.003 | S$253,420.00 | +S$2,795.00 (+1.12%) |
| Wee Hur Holdings 4.80% 04NOV30 | SGD | 250,000 | 1.026 | 1.000 | S$256,540.00 | +S$6,540.00 (+2.62%) |
| Great Eastern Life 5.398% PERP | USD | 200,000 | 0.990 | 1.003 | US$198,000.00 | −US$2,500.00 (−1.25%) |
| Astrea 9 Class A-1 3.4% (SGD tranche) S$615M facility — full name truncated on POEMS, verify exact maturity/terms | SGD | 12,000 | 1.023 | 1.030 | S$12,360.00 | S$0.00 (0.00%) |
| Astrea 9 Class A-2 5.7% (USD tranche) US$200M facility — full name truncated on POEMS, verify exact maturity/terms | USD | 3,000 | 1.040 | 1.040 | US$3,120.00 | US$0.00 (0.00%) |
Total Portfolio Market ValueS$1,789,246.06
Total Unrealized P/L+S$15,054.40 (+0.85%)
Buying Power (Cash Plus, a/c •••• 2959): S$175,104.96FX implied from POEMS totals: 1 USD ≈ 1.2822 SGD
New since last update: two previously untracked positions surfaced on this pull — Astrea 9 Class A-1 (SGD, 12,000 nominal) and Class A-2 (USD, 3,000 nominal). Both show flat 0.00% P/L at last-vs-avg price, and POEMS truncates their full names on the holdings screen, so coupon/maturity/structure below are inferred from the visible ticker fragment only ("3.4%" / "5.7%") — confirm exact terms from the POEMS bond detail page or trade confirmation before relying on these for income planning.
Coupon Payment Timeline
SGD equiv · green = SGD bonds · blue = USD bond
Full Bond Register
| Bond | CCY | Nominal | Coupon | Annual Income | SGD Equiv | Next Payment | First Call |
|---|---|---|---|---|---|---|---|
| ESR-REIT 5.75% SGD Subordinated Perpetual REIT subordinated perpetual; issuer discretion; non-cum | SGD | 250,000 | 5.75% | SGD 14,375 | S$14,375 | 2026-09-20 SGD 7,188 | 2030-03-20 |
| Great Eastern Life 5.398% USD AT1 Perpetual USD AT1 subordinated perpetual; issuer discretion; non- | USD | 200,000 | 5.40% | USD 10,796 | S$13,767 | 2027-01-22 USD 5,398 (est.) Received 22 Jul 26: USD 5,398.00 actual (POEMS) | 2032-01-22 |
| MoneyMax Treasure 5.00% SGD Senior Bond 2028 Senior unsecured dated bond; maturity 30 Oct 2028; issu | SGD | 250,000 | 5.00% | SGD 12,500 | S$12,500 | 2026-10-30 SGD 6,250 | N.A. - dated bond |
| Wee Hur Holdings 4.80% SGD Senior Bond 2030 Senior unsecured dated bond; maturity 4 Nov 2030; issue | SGD | 250,000 | 4.80% | SGD 12,000 | S$12,000 | 2026-11-04 SGD 6,000 | N.A. - dated bond |
| Standard Chartered 4.30% SGD AT1 Perpetual Bank AT1 / contingent convertible; discretionary non-cu | SGD | 250,000 | 4.30% | SGD 10,750 | S$10,750 | 2027-01-15 SGD 5,375 (est.) Received 15 Jul 26: SGD 5,330.82 actual (POEMS) | 2031-07-15 to 2032-01-15 window |
| Lendlease Asia Treasury 3.90% SGD Perpetual Subordinated perpetual; cumulative/compounding deferral | SGD | 250,000 | 3.90% | SGD 9,750 | S$9,750 | 2026-09-30 SGD 4,875 | 2030-09-30 |
| Keppel REIT 3.28% Perpetual Subordinated perpetual; issuer discretion; non-cumulati | SGD | 250,000 | 3.28% | SGD 8,200 | S$8,200 | 2026-11-27 SGD 4,100 | 2029-11-27 |
| Astrea 9 Class A-1 (SGD, ~3.4%) PE-fund-of-funds ABS note; S$615M facility class; terms unconfirmed — name truncated on POEMS | SGD | 12,000 | ~3.4% | TBD | TBD | Verify on POEMS | Verify on POEMS |
| Astrea 9 Class A-2 (USD, ~5.7%) PE-fund-of-funds ABS note; US$200M facility class; terms unconfirmed — name truncated on POEMS | USD | 3,000 | ~5.7% | TBD | TBD | Verify on POEMS | Verify on POEMS |
On the Astrea 9 notes: these are asset-backed securities collateralized by a diversified PE fund portfolio (Astrea platform, managed by Azalea/Temasek-linked), structurally different from the corporate/REIT perpetuals above — priority of payment from PE fund distributions rather than a single issuer's discretion. Small combined size (~S$16.4K SGD-equiv) relative to the rest of the book, so not urgent, but worth pulling the actual prospectus/factsheet before counting on a specific coupon or maturity date for planning.
Fees & Costs — Bond Custody
POEMS charges a monthly custody fee for foreign-issuer bond counters. Billed with a ~2-month lag (e.g. the fee "for May 2026" was charged 1 Jul 2026). Auto-funded each time by redeeming a small slice of the Phillip Money Market Fund — no manual payment needed, but worth knowing it's happening.
| Date Charged | Billed For | Amount | Funded By |
|---|---|---|---|
| 01 Jul 2026 | May 2026 | −USD 22.99 | Phillip MMF redemption (16.9969 units @ 1.3526) |
Correction on attribution: initially assumed this fee applied to GE Life alone (as the only USD-denominated holding). Per Prof Tan, "foreign" here likely means foreign-issuer counter, not just currency — Standard Chartered (a UK-headquartered issuer, though SGD-denominated) may share this same custody line alongside GE Life. Not yet confirmed exactly how POEMS splits it between the two; treating this as a combined cost across both until a bill with a clearer breakdown surfaces.
Sizing this against the income it costs (revised): USD 22.99/month × 12 = USD 275.88/year (≈ S$372 at current FX). If shared across GE Life (S$13,767/yr) + Standard Chartered (S$10,750/yr) = S$24,517/yr combined income, the drag is roughly 1.5% of that combined income — smaller than the 2.6% first estimated against GE Life alone. Either way, the custody fee remains a minor cost, not a reason to exit either position.
New Issue Watchlist — Not Yet Executed
Deals under consideration but not yet placed with a dealer. Logged for reference only — no capital committed, no impact on portfolio totals above.
| Issue | Terms | Considered Entry | Status |
|---|---|---|---|
| OCBC SGD Perpetual NC5 AT1 Subordinated AT1 capital note; no maturity; first call 2031; coupon resets off 5Y SORA-OIS thereafter | IPG 3.50% area (Update #1; revised from an earlier 3.15% area price guide) Ratings: Baa1/S&P BBB-/Fitch BBB+ · Size: SGD benchmark (~600M area) · Settlement 19 Aug 26 (T+5) | 100.25 on SGD 250,000 face = SGD 250,625 No accrued interest (new issue) | Considering — not executed Flagged 12 Aug 2026, ahead of CFP Level 1 exam 1:30–5pm; decision deferred to Prof Tan |
Justifications discussed:
- Coupon looks low versus OCBC's own AT1 history. A web check found past OCBC SGD AT1 new issues priced at meaningfully higher IPGs (e.g. 4.25% and 4.375% in prior years) — today's 3.50% area sits well below that. Could not independently verify today's specific deal terms, since live syndicate desk broadcasts aren't publicly indexed in real time; the terms above are exactly as relayed by the dealer, unconfirmed against a public source.
- Rate-hike thesis doesn't actually help this bond soon. Prof Tan's own read was "potentially better bonds once Fed raises rates" — but this coupon is fixed until the first call/reset in 2031 regardless of Fed moves between now and then, so that's a real opportunity-cost risk against locking in now, not a reason on its own to skip.
- IPG typically tightens before final pricing. Syndicated SGD deals commonly price 15–40bp inside initial guidance by launch, so the actual coupon received could land below 3.50%.
- Structure risk, standard for AT1: perpetual (no maturity), issuer call optionality at year 5, subordinated with loss-absorption features, rated several notches below issuer senior debt — consistent with the rest of the AT1 exposure already in this book (Standard Chartered, GE Life).
Decision Framework: Keep vs. Let Go
Perpetual bonds have no maturity date, so daily price moves are noise, not signal — watching them like a stock is a recipe for feeling worse than the situation warrants. Evaluate on these three questions instead of the daily P/L color:
- Is the coupon still being paid on schedule? (Confirmed twice running: StanChart 15 Jul, GE Life 22 Jul, both on time.)
- Has the issuer's credit quality actually changed? (Nothing in the data suggests this for any current holding.)
- Is the coupon still attractive versus buying fresh today? (The real "keep vs. let go" test — a dated bond near par is a different case from an underwater perpetual with a weak coupon.)
| Bond | Coupon | Unrealized | Read |
|---|---|---|---|
| ESR REIT | 5.75% | +3.63% | Keep — best coupon, best performer |
| Wee Hur (dated 2030) | 4.80% | +2.62% | Keep — matures at par regardless of today's price |
| Standard Chartered AT1 | 4.30% | +1.12% | Keep — paid on time, solid gain |
| MoneyMax (dated 2028) | 5.00% | +0.81% | Keep — same, dated at par |
| Keppel REIT PERP | 3.28% | −0.45% | Reconsider — weakest coupon in the book + underwater + no maturity |
| Lendlease PERP | 3.90% | −0.41% | Watch — smallest loss of the three laggards, coupon still mid-pack |
| GE Life AT1 (USD) | 5.398% | −1.25% | Reconsider — largest $ and % loss in the book despite the highest coupon; also carries standalone USD/FX exposure |
Updated 3 Aug 2026: the ranking has shifted since the last pull. GE Life AT1 is now the worst performer by both dollar amount (−US$2,500) and percentage (−1.25%), overtaking Keppel and Lendlease — despite carrying the highest coupon in the book. Its case is different from Keppel/Lendlease's though: it's the only USD-denominated perpetual, so part of its "Reconsider" flag is currency exposure, not just credit/coupon economics. Lendlease has actually improved to the smallest loss of the three former laggards and is downgraded from "Reconsider" to "Watch." Keppel remains the cleanest reconsider case: lowest coupon, underwater, no maturity, no offsetting FX or size rationale to keep it as-is.
Relevant to the live Temasek SGD 10Y new issue (3 Aug, landing ~2.60%): if funding a rotation with existing bond capital rather than fresh cash, GE Life is now the stronger swap-out candidate over Lendlease — it closes both the weakest-P&L position AND the only standalone USD/FX exposure in the book in one move, versus Lendlease which only addresses the P&L angle and no longer has the worst numbers to begin with.
Risk: All perpetuals carry call/extension risk. ESR-REIT and Keppel REIT are subordinated — distributions at issuer discretion, non-cumulative. GE Life AT1 has MAS bail-in clause + FX risk. Plan reinvestment as call dates approach 2029–2032.