Lippo Malls Indonesia Retail Trust: Sponsoring the Sponsor

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Summary Geography Indonesia Sector Real estate investment trust Credit rating B1/NR (Moody’s/S&P) Report date 23-NOV-2020   Executive Summary Since our 28-May initiation report on Lippo Malls Indonesia Retail Trust (LMIRT)’s two perpetual bonds (LMRTSP 6.6% and 7% Perpetual (in SGD)) and LMRTSP 7.25% 6/24 (in USD)) with an Underweight recommendation, the perpetuals underperformed while the senior bonds outperformed.  LMRTSP 6/24 outperformance is not justified and we believe headline risk on potential rating
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