BOND THREAD

[cbsh38584]

Hi Vic,
In this case FCN on ABX & FCX could be a good chance to go in since they are already down. %up is more than %down.

Coincidentally, my banker is talking to me on US commoditiies counter when you post the message.

You got to be careful on ABX. Gold may go down to below 1500. Maybe U can wait for ABX to go down further b4 U consider ABX/FCX. I prefer BHP/Rio Tinto.You need to monitor closely & get a feel. Dont trust your banker 100%. Check with different banker is still the best.

[cbsh38584]

Hi Vic,
Can PM me your RM contact? Apparently my UBS banker is unable to match. Your PM full liao.

Thanks vm.

My banker at Credit Sui is just OK. I dont listen to HER advise. The only good thing about her is that she is very helpful to get info I want very promptly. She also dont pressure me to invest.


The other banker is at std chart. He is super busy till I want to give up on him. But he is very knowledge. Not easy to get him. Maybe I am a small client to him. Sometimes, he travels oversea to meet clients. I do more FCN in std chart as they are able to get more clients to do it.

Credit sui not easy to find clients to do FCN/other. Most of the time, when they launch FCN. I dont like to do because the stock is high for me. But when the stock has corrected. I want to do FCN. My banker cant find clients to do. I need to do on my own US$500k. I did not do. Too big amt for me. I do support her by doing some simple FX trade or ELN.

End of the day, we hv to depend on ourselves, not the banker. If we can get "TRADEheaven" type of banker. It will be good. We will just share it here.



rdgs,
Vic

[cbsh38584]

vic,
still using Credit Sue?
their pricing not so attractive
what is the pricing you got?

My borrowing cost is 1.05. Is this the pricing you ask ?.
My friend borrowing cost is 1.35. He is not active. One thing good about Credit Sui is the Bond LTV. Liipomall LTV at Credit Sui is 70%. Std chart is ZERO. So the risk is on you when Credit sui gives a very high LTV. I got to make sure I dont over leverage. But right now, due to the $261k being pay for my UL plan. My collateral has dropped alot.

But my Bond coupon payment will keep coming in. So My collateral will slowly increase again.


rdgs,
Vic

[stl67]

You got to be careful on ABX. Gold may go down to below 1500. Maybe U can wait for ABX to go down further b4 U consider ABX/FCX. I prefer BHP/Rio Tinto.You need to monitor closely & get a feel. Dont trust your banker 100%. Check with different banker is still the best.

Yah, i was looking at the gold price over the past few months...scary..

will monitor for awhile. the good thing about the ABX FCN is that there is a 20% buffer. Not sure if I am too naive to buy this theory. Like to hear from all.

You mention about E-Trade, is it a platform. I went to the web and it is US base https://us.etrade.com/active-trading/trading-tools. Is this the one?

You are right that the ELN contract is so much forward dated at times. I wonder why.

[Laguna]

My borrowing cost is 1.05. Is this the pricing you ask ?.
My friend borrowing cost is 1.35. He is not active. One thing good about Credit Sui is the Bond LTV. Liipomall LTV at Credit Sui is 70%. Std chart is ZERO. So the risk is on you when Credit sui gives a very high LTV. I got to make sure I dont over leverage. But right now, due to the $261k being pay for my UL plan. My collateral has dropped alot.

But my Bond coupon payment will keep coming in. So My collateral will slowly increase again.


rdgs,
Vic

good pricing for 1.05%
I am now in touch with Credit Sui and pricing is not attractive to me.

thank a lot for the sharing.

[cbsh38584]

Yah, i was looking at the gold price over the past few months...scary..

will monitor for awhile. the good thing about the ABX FCN is that there is a 20% buffer. Not sure if I am too naive to buy this theory. Like to hear from all.

You mention about E-Trade, is it a platform. I went to the web and it is US base https://us.etrade.com/active-trading/trading-tools. Is this the one?

You are right that the ELN contract is so much forward dated at times. I wonder why.

If U are interest. Call 6424 0459. Valene . She is very patitence to explain to you. They are at Hong Long Building. Maybe Guy are not patience enough to sit down & explain to u the E-trade platform.

Not point do at bank if U can. But you must slowly learn about their E-trade platform. We need to learn new thing to improve our knowledge. Just like U call your broker to trade share the last time. Now you trade ONLINE.

We are mature enough to know NEVER to take big risk we cannot to lose.

rdgs,
Vic

[amk]

... I cannot dont trade & still get preferred borrowing cost rate @1.06%. So I need to do some trades.

I know what you meant. Bankers calling me every other day for this and that wonderful new products. Once a while have to do some trades.

Mentally they feel good getting a discount and at the same time get coupon payout.

this is basically the selling tactics. the truth is you are getting exposure on the underlying. you are granting a put to others. this is not fixed income. You are playing with derivatives.

Well the hard truth is, all the QEs had distorted the financial markets. All asset classes are over valued today. Where to find yield ? I am as clueless as the next guy over the counter. In times like this I am staying put with "brick and mortar" instruments. I dealt with derivatives modeling and pricing for a living, I do not want to touch them any more on personal investments.

[cbsh38584]

I know what you meant. Bankers calling me every other day for this and that wonderful new products. Once a while have to do some trades.

this is basically the selling tactics. the truth is you are getting exposure on the underlying. you are granting a put to others. this is not fixed income. You are playing with derivatives.

Well the hard truth is, all the QEs had distorted the financial markets. All asset classes are over valued today. Where to find yield ? I am as clueless as the next guy over the counter. In times like this I am staying put with "brick and mortar" instruments. I dealt with derivatives modeling and pricing for a living, I do not want to touch them any more on personal investments.

Thank for your good advice & remind me again.
I really know the danger. I did around 23 accumulators derivatives product in 2006/2007. It was a easy money during bull run. In 2008, Lehman crisis happened.I lost hundred thousand actual lost + HUNDRED of thousand paper loss. I am so lucky to surivive. One of the main reason I surivive because I dare to cut lost & cut very quickly starting Apr08 & keep more cash. At that time, I still hv 2 accumulators still running till Jul 2009. I was in depression mood. Luckily US Fed print $$$ their way out. I manage to sell at breakeven & slowly recovered. I am much stronger now. After this crisis, I tell myself never to trust anybody bank recommendation. I only TRUST FEAR INDEX, VIX.

I am aware of all this dervatives product. I still do accumulators in 2010/2011 but only blue chip beaten stock. All accumulator get knock out. Stop since 2012 since nobody wants to share the risk with me during fear time for the stock I pick like Singtel/capland/China mobile.

I am working hard now (2013) toward for tgt goal in 2014. Because I think 2014 is quite risky to invest due to rising rate & many uncertainty as US gov keep dragging it problems.

rdgs,
Vic

[cbsh38584]

this is basically the selling tactics. the truth is you are getting exposure on the underlying. you are granting a put to others. this is not fixed income. You are playing with derivatives.

Well the hard truth is, all the QEs had distorted the financial markets. All asset classes are over valued today. Where to find yield ? I am as clueless as the next guy over the counter. In times like this I am staying put with "brick and mortar" instruments. I dealt with derivatives modeling and pricing for a living, I do not want to touch them any more on personal investments.[/quote]

I know FCN/ELN is not a fixed income & I am playing with derivatives. Will do FCN/ELN occassionally, not to exposure myself too much . Buying good stock direct will be a better strategy to do. But will buy when there is FEAR. I am 80% more in BOND. Will slowly reduce my leverage on bond.

rdgs,
Vic

[amk]

You are very humble. Not only you have the knowledge/intelligence, but also the experience in this market. I am in no position to "advise" you.

My comments are really for other members (who are not posting but silently reading), who might just happen to read your posts and get some new ideas about investing without realizing the true nature of this.

Back in the good days (2006/7), I have products that are indexed on European banks, "solid" French, Dutch names. Guess what happened.

[chiaberry]

The banks selling these products have teams of quantitative analysts going through the numbers to structure the products. The average man-in-the-street has no chance. These products are for sophisticated investors who watch the market carefully, have a lot background knowledge and more importantly have deep deep pockets to stomach the losses in case of unforeseen events that happen now and then. Very rare perhaps. But it can wipe off a big chunk of your $ in one go.

[cbsh38584]

You are very humble. Not only you have the knowledge/intelligence, but also the experience in this market. I am in no position to "advise" you.

My comments are really for other members (who are not posting but silently reading), who might just happen to read your posts and get some new ideas about investing without realizing the true nature of this.

Back in the good days (2006/7), I have products that are indexed on European banks, "solid" French, Dutch names. Guess what happened.

You are right. Some of new investors may not know the risk. I better highlighted the risk of doing ELN/FCN.


3rd Nov 2008
===========
A 69-YEAR-OLD retiree, who lost more than $350,000 in high-risk investments, has sued United Overseas Bank (UOB) and his relationship manager for selling him the products.

In May, Mr Go Sua Kui, a Privilege Banking customer of UOB, put $2.5 million into equity-linked notes (ELN) at a 12.8 per cent yield. But he ended up having to sell his share when his investment matured in june as he dont intent to keep the share.

Mr Go has sued UOB and 28-year-old relationship manager (RM) Yeo Beng Hee for misrepresentation, negligence and breach of duty under the Financial Advisers Act. Both UOB and Mr Yeo deny the allegations.

============================================
My friend called me in early 2008 that one of his private banker told him to invest in citigroup share, ELN. The yield is 30% for holding a year. A very attractive return of US$300k for his US$1m investment.

He was very keen as he is very familar with citigroup stock. It has dropped from US$50+. to US$20+. He thinks it is a very attractive investment for a 30% return. Luckily he called me to hv a 2nd opinion. I told him DONT EVER PUT US$1M in ELN at this uncertainty 2008 period.

============================================
I accompany my friend to JB OCBC in early 2008. The OCBC RM is so keen to introduce a very attractive return product to my friend. Invest in a few US bank stock. Merril lynch, bear stern, bank of America etc, So long as the bank dont drop to 80% for a 1 year period. You are paid 20-30%. I cant really remember the actual return. The RM told my friend that there is no way for this bank to fall so low. There is also no way for a bank more than 100 over years to collapse. It did collapse. He did not invest.



==========================================
One of the property agent formerly work in a big foreign bank in SG as a relationship manager. One afternoon on early Jan 2008, there is a sudden call for a urgent meeting for all banker. He was very surprise as it has never happen b4. In the meeting, the branch manager told them to be mentally prepare to get retrench. He was very perplex as the CEO said in the media that the problem is being contain. Eventually he was retrenched months later.

=============================================
In late 2006, my banker from credit sui propose a investment idea on 3 local bank stock. Tenture period is 2 years. 1st Q guarantee $4800. 2nd Q onward payout will hv to be determine by the performance of 3 local bank share price. In this investment , I only got 2 payout of $4800. The remaining 6Q, there is no payout as the bank share fall below the barrier level. I am so stupid to do this product.

In Sep 2008, the lehman crisis happened. All the bank stocks plunged to all time low. My $150k were converted to DBS share @14+ (worst performing share). The share was trading below 10. My banker did not explain to me clearly on this product. She was eventually asked to resign to prevent further sue from other clients who are unhappy on the losses like accumulator.

I know DBS is a good stock. So I hold till the share price hit my buy 14+ & sell it away at min profit. Lost on opportunities cost.

==============================================
My another friend (not close) is a banker for local bank. Her main clients are mainly from Taiwan. She made a lot of $$$ from the commission. But in 2008 lehman crisis, she was forced to compensate the Taiwanese a few hundred thousand to pacify them. MINI BOND. I bet U all must be very familar.


==========================================
So pls know what the risk you are in. Dont invest if you are unfamilar. If U know the risk, U must be mentally prepare to lose.
I hv learnt so much from the 08/09 crisis. My knowledge in investment has increased alot due to my mistakes made b4 lehman.

REMEMBER NEVER trust your banker. Always get a 2nd or 3rd opinion. The best buy when there is a FEAR in the mkt. Patience is a virtue. Greed bring disaster to your financial health. Be more courageous to cut lost b4 the "CANCER cell spread into your heart, kidney & liver". Arnold Schwarzenegger - " I will be back"



rdgs,
Vic

[Iamderek]

I know I can buy/short VIX index. But it is very volatile. Because of Our weakness emotional trading behaviour, trading VIX is a NO. Chances 99% will lose in long run. I prefer VIX fund which now trading a low price where S&P index is trading a record high price.



rdgs,
Vic

VIX has been smashed to the lowest since early 2007 thanks to the Federal Reserve. Going long on VIX here is a bet that the Fed will lose control. Personally I would bet against them.

[cbsh38584]

VIX has been smashed to the lowest since early 2007 thanks to the Federal Reserve. Going long on VIX here is a bet that the Fed will lose control. Personally I would bet against them.

You are one of the banker that has good knowledge . Are U working in a local bank ? Priority or private ?

I hv invested US$100k on VIX fund 2 week ago. Just patiently wait for my VIX fund price will shoot up.

rdgs,
vic

[Iamderek]

Noticed that talk has shifted towards ELNs.

Just to share the four US counters I am looking at with clients:

Halliburton
Goldman Sachs
Valero Energy
Philip Morris

Secondary counters:

Chesapeake Energy
Herbalife
Yum! Foods

All done with a close strike price and a knock out.

Reasoning for each differs. Main driver for determining which to enter is how the chart looks like from a January 2011 and sometimes even earlier perspective.

Some counters with ugly charts:

Hewlett Packard
Barrack Gold
Newmont Mining (actually most commodity counters)

[Iamderek]

You are one of the banker that has good knowledge . Are U working in a local bank ? Priority or private ?

I hv invested US$100k on VIX fund 2 week ago. Just patiently wait for my VIX fund price will shoot up.

rdgs,
vic

Hi Vic,

Thank you for your compliment. I believe it is very important to know more than clients - because if not, what is our value to them? Minimal at best. Knowledge and trust goes hand in hand and because many of my clients are busy individuals, I hold the position that my role as a banker is to make your banking as smooth and simple as possible so that you have more time for other areas. You can always find ways to make more money - time, not so easy.

I am with a local bank on the priority level.

[Iamderek]

ELN is not attractive enough for investors. But if U will to do it at E-trade online. The premium paid is at least 15% better than doing at Bank. Furthermore the trade date is immediate. As for bank, it trade date is delay by 2 wks.

FCN is more for income for me. But the min amt to start is US$500k to US$750k for US stock. HK FCN is HK$5m. So must find clients or friends to combine.

By looking at FCN or ELN discount price. Sometimes, U can tell that speculators are shorting this particular stock. Just give U a true cases.

FCN pricing on Apple on Oct12.
Spot US$640.
Knock level is 100% = US$640
Strike level is 90% = US$576.
Barrier level is 72% = US$448

If U know at the barrier level of 72% for Apple is very deep. There is a high chance for APPLE to drop from US$640 onward. Smart investors will start using CFD to short APPLE stock on the same day when this FCN is launched. But U must not be greedy. GREED will kill U sooner or later. I did not do this FCN. But many ignorant clients invested in this FCN as the CNBC media paint a SKY high tgt of US$700 to US$800. They are stucked at US$567. Price is now US$431.A 25% dropped. So I say I dont trust all Banker recommendation & CNBC invited stock guru. I will do FCN on the stock & price I monitor & feel comfortable with it.

This is why I keep ask for my banker to email all the list of HK/USD ELN everyday. FCN needs to call. I want to learn E-trade platform ELN. I want to know more by going into detail. But I need longer time as I hv kids to take care.



rdgs,
Vic

A colleague of mine did an Apple ELN with his client with a strike price of $520.

Needless to say the lady is now holding on to the shares.

I am considering an Apple ELN for clients - but only if I can get them a strike near $360 with a reasonable yield of say 10%. This means the spot will have to come down to, say, $380.

[Iamderek]

Hi Vic,
In this case FCN on ABX & FCX could be a good chance to go in since they are already down. %up is more than %down.

Coincidentally, my banker is talking to me on US commoditiies counter when you post the message.

I have to disagree. The charts look ugly and going into Barrick is basically a contrarian play at attempting to catch a falling knife. No reversal in sight yet.

Your banker wouldn't happen to be from the red logo local bank would he or she?

[Iamderek]

just my opinion: all these notes are by and large some forms of calls/puts. the yield you get is basically the premium you sold. say 12% yield 1 month, you really sell a 1 month put charging 1% premium. if you use this as a hedge, than it does not really matter if you only use it to protect your existing position. if you use it to acquire exposure, then the risk you take is not worth, you might as well acquire exposure directly. for high yields you need volatile stock, but for volatile stock the movement over 1 month can be easily much higher than the annualized yield. (for example, ELN at 98% 1 month, the stock itself easily fluctuates > 2% at this period). ultimately there is no bargain in this. every option has a fair value. retail investors will never get the fair value of an option. you will always overpay it. the only true "fair value" you can get is the underlying itself, i.e. stocks/bonds/etc.

Ah, finally a derivatives guy.

I am probably one of the few bankers in my franchise who understands how these work. Not blowing my own horn and I hope I don't come across as that, but just stating how it works.

Given that clients are selling either puts or calls to the bank which are then bought by other investors, my goal is to always maximise value by picking the counter that presents the best odds through TA, sentiment, FA, et cetera.

Bankers have to make money for the bank but at the same time also make money for clients. Chart reading in my experience has proven very helpful.

[Iamderek]

You are very humble. Not only you have the knowledge/intelligence, but also the experience in this market. I am in no position to "advise" you.

My comments are really for other members (who are not posting but silently reading), who might just happen to read your posts and get some new ideas about investing without realizing the true nature of this.

Back in the good days (2006/7), I have products that are indexed on European banks, "solid" French, Dutch names. Guess what happened.

Don't worry, Ben Bernanke, Mario Draghi, Mark Carney, Shinzo Abe, and the rest of the central bankers will not let 08' happen to us again!

/sarcasm

[teddybear]

I thought I am very good maths, but look like all these complex instruments need a PhD in Mathematics to derive exact return/risks ratios etc!
However, my rough calculation shows that the "bankers" will always win, regardless of how clever the players think they are in timing in and out......
Therefore, morale of the story is: KISS - Keep it simple, Stupid!

I know what you meant. Bankers calling me every other day for this and that wonderful new products. Once a while have to do some trades.

this is basically the selling tactics. the truth is you are getting exposure on the underlying. you are granting a put to others. this is not fixed income. You are playing with derivatives.

Well the hard truth is, all the QEs had distorted the financial markets. All asset classes are over valued today. Where to find yield ? I am as clueless as the next guy over the counter. In times like this I am staying put with "brick and mortar" instruments. I dealt with derivatives modeling and pricing for a living, I do not want to touch them any more on personal investments.

[stl67]

I have to disagree. The charts look ugly and going into Barrick is basically a contrarian play at attempting to catch a falling knife. No reversal in sight yet.

Your banker wouldn't happen to be from the red logo local bank would he or she?

My banker not from there. Std Chart & UBS
I did not do this 2 counters but was checking the pricing and gather some feedback

Last wk, I did FCX/USO counters on a 4mth contract. Just hope will not get converted.

[cbsh38584]

My banker not from there. Std Chart & UBS
I did not do this 2 counters but was checking the pricing and gather some feedback

Last wk, I did FCX/USO counters on a 4mth contract. Just hope will not get converted.

If U hv just started to invest do ELN/FCN, the best go for dividend stock. The yield may not be high. If it get converted, at least there is a dividend payout every year. Exmaple China mobile , Cheung Kong, Bank of China, China, SG bank stock etc. Start slow.


As for FCX, it is a high beta. For U to invest in high Beta, U must know the past few month movement of that stock. The stock dropped because of the whole mkt index dropping or because of the company fundamental is not getting better or it is just a correction for a very high level. U must know a little bit more. Dont be blind by high coupon. TRY NOT DO INVEST BASE ON HOPE.

rdgs,
Vic

[stl67]

If U hv just started to invest do ELN/FCN, the best go for dividend stock. The yield may not be high. If it get converted, at least there is a dividend payout every year. Exmaple China mobile , Cheung Kong, Bank of China, China, SG bank stock etc. Start slow.


As for FCX, it is a high beta. For U to invest in high Beta, U must know the past few month movement of that stock. The stock dropped because of the whole mkt index dropping or because of the company fundamental is not getting better or it is just a correction for a very high level. U must know a little bit more. Dont be blind by high coupon. TRY NOT DO INVEST BASE ON HOPE.

rdgs,
Vic

Oops... i must admit that i was attracted by the high coupon yield and also 'mental' comfort zone that the knock-in is 85% though the 94% Put strike is not that deep.

When I decided to go ahead, i was thinking that the 2 counters were quite low and FCX announced some +ve results recently, so it was like no risk no gain, so just masuk... Furthermore BOA upgraded the shares to 'Buy' [FONT='Calibri','sans-serif']and has a $39 price target on the shares. [/FONT]
[FONT='Calibri','sans-serif'][/FONT]
These few days the price is climbing and maybe will be knock out by the 1st month.

Thanks for advise and sharing, really appreciate it.

[cbsh38584]

Oops... i must admit that i was attracted by the high coupon yield and also 'mental' comfort zone that the knock-in is 85% though the 94% Put strike is not that deep.

When I decided to go ahead, i was thinking that the 2 counters were quite low and FCX announced some +ve results recently, so it was like no risk no gain, so just masuk... Furthermore BOA upgraded the shares to 'Buy' [FONT='Calibri','sans-serif']and has a $39 price target on the shares. [/font]
[FONT='Calibri','sans-serif'][/font]
These few days the price is climbing and maybe will be knock out by the 1st month.

Thanks for advise and sharing, really appreciate it.

When U do ELN/FCN, you really need to be careful especially on high beta stock that give U very good yield. Do not say NO RISK NO GAIN for doing ELN/FCN.

There will be a time U need to totally stop if U can see or maybe think that a major correction coming in a few mths time.

I did China mobile(/Bank of China because it is a high dividend stk. Dont mind holding it as dividend is >5%. Likely to get K.O.

I did Bank of America because the strike price is @9.28. I dont mind holding at 9.28 (price now >12). Likely to get K.O.

There will be a time, I will totally stop doing & can wait for mths to get a better entry price. My banker keeps giving a list of ELN/FCN to invest. I reject most of it. Price still too high(like apple), not sure of the stk movement direction (Lenova), high beta stk dont like it (ABX), sector risk like gold (ABX) , betting risk -no risk no gain (like OLAM in Ju12 b4 muddy water issues - surprising this trade is OK) etc etc.


ELN/FCN is not my main investment income. Only when there is a opportunities (Fear), I will just do it. Buying direct is better if opportunities (Fear) come.


rdgs,
vic

[starrynight]

Yesterday's offerings:

Issuer:
Gaz Capital S.A.
Borrower:
OJSC Gazprom
Borrower Ratings:
Baa1 (Moody's) / BBB(S&P) / BBB (Fitch)
Format:
Snr Unsecured, RegS (Registered), Loan Participation Notes
Currency:
€uro €uro
Settlement
21 Mar 2013 21 Mar 2013
Maturity:
20 Mar 2020 (7yr) 21 Mar 2025 (12yr)
Size:
Benchmark Benchmark
Denoms:
€100k+1k €100k+1k
Law/Listing
English / Irish Stock Exchange
Joint Bookrunners:
CACIB (B&D) / Gazprombank / JPM
Co Manager :
Metropol
Timing:
Today’s business, Books open
Risk Rating:
7-yr: P3 12-yr: P4
(1 to 5, 5 being the highest)
Coupon:
7-yr: ~3.60% area (MS+230area)
12-yr: ~4.60% area (MS+265area)

ISSUER:
Far East Horizon Limited
RATINGS:
Unrated
STATUS:
Senior, Unsecured
EXPECTED ISSUE SIZE:
CNH500m
Tenor:
3yr.
Settlement:
[22] March 2016
COUPON:
4.5% s/a
Re-offer Yield:
4.70%
Re-offer Price:
99.446
TERMS:
CNH1m/10k Denoms, English Law
SOLE BOOKRUNNER:
Standard Chartered Bank
TIMING:
Today's business
RISK RATING:
4 (1 to 5, 5 being the highest)

[cbsh38584]

Sold one of the Chinese developer straight bond 1mth ago. Now I bought a new straight junk bond, a Chinese developer.


ISIN: USG52132AF72
ISSUER: Kaisa Group Holdings Ltd.
ISSUER RATINGS: B1 Stable (Moody's) / B+ Stable (S&P)
EXP. ISSUE RATINGS: B1 (Moody's) / B+ (S&P)
STRUCTURE: Fixed Rate Senior Notes
Coupon 8.875%.

The indic LV is 50%
Callable 19.03.2016 @ 104.44
This is a senior bond

rdgs,
Vic

[starrynight]

Could you advise the price u bought at? Thanks

Sold one of the Chinese developer straight bond 1mth ago. Now I bought a new straight junk bond, a Chinese developer.


ISIN: USG52132AF72
ISSUER: Kaisa Group Holdings Ltd.
ISSUER RATINGS: B1 Stable (Moody's) / B+ Stable (S&P)
EXP. ISSUE RATINGS: B1 (Moody's) / B+ (S&P)
STRUCTURE: Fixed Rate Senior Notes
Coupon 8.875%.

The indic LV is 50%
Callable 19.03.2016 @ 104.44
This is a senior bond

rdgs,
Vic

[starrynight]

Today:

ISSUER:
Bank of India, acting through its London Branch
ISSUER RATINGS:
Baa3 / BBB- (Moody's / S&P)
ISSUE RATING:
Baa3 / BBB- (Moody's / S&P)Expected
Structure:
Fixed Rate Senior Unsecured Notes
FORMAT:
144A / Regulation S
EXPECTED ISSUE SIZE:
USD benchmark
Tenor:
5.5 Years
Settlement:
TBA
Maturity:
TBA
Price Guidance
T+285bps area ~ (0.881+285bps = 3.731 area)
Price:
TBA
Denoms:
SGX listing, US$200k/1k denoms, English law
BOOKRUNNER:
Barclays, BofAML,Citigroup, Deutsche Bank, HSBC, J.P. Morgan
TIMING:
As early as today
RISK RATING:
P3

[cbsh38584]

Could you advise the price u bought at? Thanks

Some clients at Credit Sui apply US$1m to $3m for this bond. All Got nothing. I put a buy order @101.8. The order was done @101.8 last night. Pls take note this is a JUNK bond.

rdgs,
Vic