Please use this identifier to cite or link to this item:
https://scholarbank.nus.edu.sg/handle/10635/223656
DC Field | Value | |
---|---|---|
dc.title | INTEREST RATES AND THE FIXED-FLOATING DEBT STRUCTURE OF S-REITS | |
dc.contributor.author | WANG MINYANG | |
dc.date.accessioned | 2015-06-04T02:29:01Z | |
dc.date.accessioned | 2022-04-22T20:38:51Z | |
dc.date.available | 2019-09-26T14:14:12Z | |
dc.date.available | 2022-04-22T20:38:51Z | |
dc.date.issued | 2015-06-04 | |
dc.identifier.citation | WANG MINYANG (2015-06-04). INTEREST RATES AND THE FIXED-FLOATING DEBT STRUCTURE OF S-REITS. ScholarBank@NUS Repository. | |
dc.identifier.uri | https://scholarbank.nus.edu.sg/handle/10635/223656 | |
dc.description.abstract | With the increasing likelihood of an interest rates hike, most S-REITs are concerned with the rising cost of financing. One way to mitigate such interest rate risk is via adjusting their fixed-floating debt structure. This paper seeks to analyzing the determinants of a S-REIT’s choice between holding fixed or floating debt in the portfolio, and the relationship with interest rates changes. The study shows that firstly, higher levered, larger, more profitable, and better credit ratings are several REIT characteristics observed that increase the likelihood of taking up fixed-rate loans. Secondly, across 552 quarterly observations across 8 years, REITs in general will lower their percentage of fixed borrowings in their portfolio with the steepening of the yield curve. Further analysis shows that REITs with lower leverage has a higher correlation of percentage of debt hedged against the term spread. Lastly, the relationship between term spread and the use of interest rate swaps is examined and empirical evidence reveals a positive correlation between the two variables. On the other hand, no conclusions can be made between the maturity of interest rate swaps and the term spread. However, a change in debt maturity is likely to correspond to a similar change in swap maturities. | |
dc.language.iso | en | |
dc.source | https://lib.sde.nus.edu.sg/dspace/handle/sde/3056 | |
dc.subject | Real Estate | |
dc.subject | RE | |
dc.subject | Ong Seow Eng | |
dc.subject | 2014/2015 RE | |
dc.subject | S-REITS | |
dc.subject | Interest Rates | |
dc.subject | Term Spread | |
dc.subject | Capital Structure | |
dc.subject | Interest Rate Swaps | |
dc.subject | Hedging | |
dc.type | Dissertation | |
dc.contributor.department | REAL ESTATE | |
dc.contributor.supervisor | ONG SEOW ENG | |
dc.description.degree | Bachelor's | |
dc.description.degreeconferred | BACHELOR OF SCIENCE (REAL ESTATE) | |
dc.embargo.terms | 2015-06-05 | |
Appears in Collections: | Bachelor's Theses |
Show simple item record
Files in This Item:
File | Description | Size | Format | Access Settings | Version | |
---|---|---|---|---|---|---|
Wang Minyang 2014-2015.pdf | 2.37 MB | Adobe PDF | RESTRICTED | None | Log In |
Google ScholarTM
Check
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.