The refinancing task is emerging as an unacceptable risk for real estate investment trusts in the Asian region, with banks across the region cutting their exposures to single name borrowers. However, according to Craig Parker, senior director of corporate ratings at S&P Global, in recent times REITs have "got religion" - using the corporate bond market, in this instance, to extend the tenor of their funding and ultimately reduce their reliance on bank funding. John Arentz, general manager of treasury and planning at Stockland, agreed, noting his firm had been going to the US private placement market to access funding that was both longer dated and "competitive financially" with domestic markets.