SGD Bonds Nominal
S$1.50M
5 SGD perpetuals
USD Bonds
USD200K
GE Life AT1 — S$255K
Annual Income (SGD eq.)
S$81K
All 7 bonds
Next Coupon
20 Sep 26
ESR-REIT 5.75% → S$7,188
Earliest Call
Nov 2029
Keppel REIT
Live Market Pricing — POEMS, as at 15 Jul 2026 7:00 AM
| Bond | CCY | Nominal | Last Price | Avg Price | Market Value | Unrealized P/L |
|---|---|---|---|---|---|---|
| ESR REIT 5.75% PERP | SGD | 250,000 | 1.040 | 1.000 | S$259,962.50 | +S$9,962.50 (+3.99%) |
| Keppel REIT 3.28% PERP | SGD | 250,000 | 0.995 | 1.001 | S$248,702.50 | −S$1,422.50 (−0.57%) |
| Lendlease Asia 3.90% PERP | SGD | 250,000 | 0.992 | 1.000 | S$247,897.50 | −S$2,102.50 (−0.84%) |
| MoneyMax Treasure 5.00% 30OCT28 | SGD | 250,000 | 1.008 | 1.000 | S$252,035.00 | +S$2,035.00 (+0.81%) |
| Standard Chartered 4.30% PERP | SGD | 250,000 | 1.010 | 1.003 | S$252,512.50 | +S$1,887.50 (+0.75%) |
| Wee Hur Holdings 4.80% 04NOV30 | SGD | 250,000 | 1.025 | 1.000 | S$256,232.50 | +S$6,232.50 (+2.49%) |
| Great Eastern Life 5.398% PERP | USD | 200,000 | 0.999 | 1.003 | US$199,750.00 | −US$750.00 (−0.37%) |
| Astrea 9 Class A-1 | SGD | 12,000 | 1.034 | 1.030 | S$12,432.00 | +S$72.00 (+0.58%) |
| Astrea 9 Class A-2 | USD | 3,000 | 1.035 | 1.040 | US$3,108.00 | −US$12.00 (−0.38%) |
Total Portfolio Market ValueS$1,791,654.03
Total Unrealized P/L+S$15,680.87 (+0.88%)
Cash Balance: S$118,775.97Buying Power: S$168,775.97 (with margin)
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 |
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.
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% | +3.99% | Keep — best coupon, best performer |
| Wee Hur (dated 2030) | 4.80% | +2.49% | Keep — matures at par regardless of today's price |
| MoneyMax (dated 2028) | 5.00% | +0.81% | Keep — same, dated at par |
| StanChart AT1 | 4.30% | +0.75% | Keep — paid on time, small gain |
| GE Life AT1 | 5.398% | −0.37% | Keep — highest coupon in the book, just paid |
| Keppel REIT PERP | 3.28% | −0.57% | Reconsider — weakest coupon + underwater + no maturity |
| Lendlease PERP | 3.90% | −0.84% | Reconsider — same combination |
Keppel and Lendlease aren't flagged because the loss is large — it isn't. They're flagged because they're the only two positions combining the lowest coupons in the book with underwater pricing and no fixed maturity to wait it out. Not a sell signal by itself — a prioritization if simplifying the book ever becomes the goal.
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.