News: SINGAPORE — Croesus Retail Trust, which holds shopping malls in Japan, climbed 23.1 per cent over its initial public offering price on its first day of trading as investors turn to higher-yielding assets. The shares closed at S$1.145, from the 93 Singapore cents offer price, and were the second-most-traded counter, with about 138 million units changing hands. They started trading at 2pm. Croesus Retail is backed by Japan’s Daiwa House Industry and Marubeni Corp, which have contributed assets to the trust. “This type of yield is very attractive in this environment,” said UOB Kay Hian analyst Vikrant Pandey. “There is some interest from the Japanese side as well, so vehicles that have exposure to Japan are also in favour.” The trust opened strongly at S$1.12, a 20.4-per-cent premium to its offer price, and reached an intra-day high of S$1.18. The IPO with gross ......