The April Yield Squeeze Begins At OCBC Today | SGX Daily Pulse 01 Apr 2026 |🦖EP1517
The April Yield Squeeze Begins At OCBC Today | SGX Daily Pulse 01 Apr 2026 |🦖EP1517
Cordlife's auditor didn't just raise a flag — they walked away entirely, making every yield figure and gearing ratio on that screen functionally unverifiable. First REIT's divestment drops gearing from 42.1% to a pro-forma 16.7%, yet DPU has fallen 18% since 2022, which means what looks like a balance sheet rescue is still a distribution in retreat. The numbers aren't lying; the narrative around them is.
At a 1.37% T-Bill rate, the temptation is to chase anything with a pulse above 3%. But our Forensic Floor of 3.2% plus a 150 bps risk premium sets the real hurdle at 4.7% — and no asset clears that bar without a clean audit opinion and an ICR that actually protects your distributions. On S$100,000 in SRS capital, the difference between disciplined yield selection and brand-name comfort is not sentiment; it is S$500 less in your account every single year.
📺 YouTube: https://youtu.be/BRPtbCPKg0w
📩 Substack: https://investingiguana.substack.com/p/cordlife-audit-fails-first-reit-yield
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