Page 72 of 297 FirstFirst ... 226268697071727374757682122172 ... LastLast
Results 427 to 432 of 1777

Thread: BOND THREAD

  1. Default

    Quote Originally Posted by Laguna
    There are too many new issues recently and more to come.
    One word of cautious : be very very very careful before you buy.

    I would rather avoid, afterall, it is very difficult to get at IPO for the good quality bonds, so, don't waste time already.

    I've been doing this to get hot Bonds at par.
    When it is launched, asked your RM how many times it is oversubscribed. Eg, if Ezion needs $100m MTN, the bookbuilding exercise already took in $300m before the end day(usually, it is very fast, within the day, bookbuilding can closed). So it is roughly 3x oversubscribed.

    What I will do is bid for for $750k if I only want $250k. Very high chance you will get 1 allotment. However, in the event, you get more than that, you must have the stomach to take it all in or dispose one when you get it.

  2. Default

    For your info only. Price on 18th Jan 2013


    CCY
    Issuer

    Cpn
    Maturity


    Moody's
    S&P
    Bid
    B YTW
    Offer
    O YTW

    ISIN

    Min Piece

    SGD
    OLAM INTERNATIONAL LTD

    4.070
    2/12/2013


    NA
    NA
    99.75
    8.50
    100.00
    4.00

    SG7V20953777

    250,000

    SGD
    OLAM INTERNATIONAL LTD

    3.000
    2/25/2013


    NA
    NA
    99.75
    5.71
    100.00
    2.96

    SG7Z58967497

    250,000

    SGD
    OLAM INTERNATIONAL LTD

    2.500
    9/6/2013


    NA
    NA
    98.00
    5.83
    99.00
    4.15

    SG6W29985234

    250,000

    SGD
    OLAM INTERNATIONAL LTD

    6.000
    8/10/2018


    NA
    NA
    94.25
    7.28
    95.75
    6.93

    SG6Q54973046

    250,000

    SGD
    OLAM INTERNATIONAL LTD

    5.800
    7/17/2019


    NA
    NA
    92.00
    7.37
    92.00
    7.37

    SG6V64983574

    250,000

    SGD
    OLAM INTERNATIONAL LTD

    6.000
    10/25/2022


    NA
    NA
    91.00
    7.30
    92.00
    7.15

    SG6X10986208

    250,000

    SGD
    OLAM INTERNATIONAL LTD

    7.000
    Perp


    NA
    NA
    88.00
    10.69
    89.50
    10.20

    SG6T26979516

    250,000

    USD
    OLAM INTERNATIONAL LTD

    5.750
    9/20/2017


    NA
    NA
    93.50
    7.42
    94.50
    7.16

    XS0831350185

    200,000

    USD
    OLAM INTERNATIONAL LTD

    7.500
    8/12/2020


    NA
    NA
    93.55
    8.68
    94.95
    8.42

    XS0531284080

    100,000

    USD
    OLAM INTERNATIONAL LTD

    6.000
    10/15/2016


    NA
    NA
    92.25
    8.46
    94.25
    7.80

    XS0450423321

    100,000

  3. Default

    2 new issuances today:
    Issuer:
    Shinhan Bank
    Current Issuer Ratings:
    A1 by Moody's / A by S&P / A by Fitch
    Expected Issue Ratings:
    A1 by Moody's / [A] by S&P
    Status:
    Fixed rate, senior unsecured
    Format:
    144A/RegS
    Size:
    US$500mio max
    Tenor:
    5.5YR
    Product Risk Rating
    P2
    IPG:
    2.17% area; 5-year Treasury + 140bps (Current 5-year ~ 0.77%)
    Terms:
    SGX listing, 200k/1k denoms, New York law
    Joint Bookrunners:
    ANZ, BofA Merrill Lynch, BNP Paribas, Deutsche Bank, HSBC, JP Morgan, Mizuho Securities
    Timing:
    Today's Business

    Issuer
    Dubai DOF Sukuk Limited
    Obligor
    Government of Dubai , Department of Finance
    Rating
    Unrated
    Ranking
    Senior unsecured
    Format
    Sukuk Reg S Registered (Ijara Structure)
    Amount
    US$ benchmark
    Tenor
    10yr
    IPT:
    Low 4%
    Product Risk Rating
    P5
    Denoms
    US$200,000 x US$1,000
    Governing Law
    English and Dubai
    Listing
    Dubai Financial Market
    Bookrunners
    Dubai Islamic Bank / Emirates NBD / HSBC / NBAD/ Standard Chartered Bank

  4. Default

    New issue today:

    Issuer:
    Tata Communications (Netherlands) B.V.
    Guarantor:
    Tata Communications Limited
    Structure:
    Fixed Rate Senior Unsecured Notes
    Issue Size:
    SGD Benchmark
    Issuer/Issue rating:
    Unrated
    Format:
    Regulation S
    Tenor:
    3 years
    Risk Rating:
    P4
    Coupon:
    4.35 – 4.625% area, semi-annual
    List/Denoms:
    SGD Benchmark
    Change of Control:
    Change of Control put at 100%, if the Tata Group ceases to (directly or indirectly) control the Guarantor or own at least 26% of the voting securities of the Guarantor OR the Guarantor ceases to (directly or indirectly) control the Issuer and its intermediate holding company, Tata Communications International Pte. Ltd (“TCIPL”) or own at least 51% of the voting securities of the Issuer or TCIPL
    Joint Books:
    ANZ, DBS Bank Ltd., The Royal Bank of Scotland and Standard Chartered Bank
    Denoms:
    S$250k x S$250k
    Details:
    English Law / SGX Listing
    Netroadshow Details
    http://www.netroadshow.com; Access code: Tata2013 (not case sensitive)
    Timing:
    Books open now, today's business

  5. Default

    Commentary:
    Feels like a Hit and Run !
    For a company (market cap USD 1.2 bio about 2.5 times less than 2009 market cap) that has not tapped the market since 2009, they chose Singapore to launch their first issue and gave investors less than 4 hours to decide (hearing books closed at noon).
    You decide if that is a good or bad thing ? I say its irresponsible and tactics of used car salesmen.
    4 REASONS TO BUY
    1. Retail customers do not read income statements to realise this company has been running losses since 2010 and has negative free cashflow.
    2. Indian government owns 26.1% of the company and used to own 100% before selling part of their stake to Tata Sons in 2008 and it stopped making money since.
    3. There is a Change of Control clause for Tata majority ownership meaning that bondholders can put the bonds back on the event Tata group loses control.
    4. In this new world order, we are incline to believe that Tata Group is TOO BIG TO FAIL.
    My banker asked me what I thought of the bond ? The name or the price ?
    My answer is the price.
    The Indian government is rated Baa2/BBB- which makes it Aaa/AAA with its local rating agencies. Tata Group is Aaa locally which makes it Baa2/BBB-. Tata Power, another loss making company, is B2/BB- (Moodys/S&P).
    Best case scenario for Tata Communications would be somewhere in between Baa2/BBB- and B2/BB- given its government linked status. And investment grades end at BBB-, which makes it non investment grade and in the high yield category.
    I cannot accept that the bankers are selling Indian Oil, IDBI and ICICI as comparables to this name ! A change of control clause is NOT A GUARANTEE.
    A fair price for this bond would be on the other side of 5%, and I understand there is no leverage available.
    Still the books are well oversubscribed and this bond has the NRI (non resident Indian) appeal and we all know banks are paying out bonuses now.

  6. Default

    It is sad to see now, a lot of people are not doing any more due diligence.
    And a lot believe, bond is safe and good, and it is the way to go.

    The market is flooded with liquid, u will feel it when come to bond IPO, it is far hotter than property market.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •