Ascendas Real Estate Investment Trust’s notes sold today have a structure making them the first of their type in Asia, and means a rating seven rungs higher than Ascendas, Moody’s Investors Service said, according to Bloomberg. The $300 million of 1.6%, seven-year notes, a type of commercial mortgage-backed security with exchangeable and collateralised features, are rated Aaa, Moody’s top investment-grade rank, compared with Baa1, the third-lowest, for Ascendas. The sale was 4.5 times oversubscribed, Singapore- based Ascendas said in a statement.

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