BOND THREAD

[radha08]

anybody subscribing to SPH reit is it worth trying

[jeaprp]

anybody subscribing to SPH reit is it worth trying

FYI, Insti order more than 40x subscribe

[radha08]

FYI, Insti order more than 40x subscribe

so means cannot get can try luck just like buy 4d

by the way if I apply 10 lots or 50lots is the service charge same sorry I
noob this kinda thing

[jeaprp]

so means cannot get can try luck just like buy 4d

by the way if I apply 10 lots or 50lots is the service charge same sorry I
noob this kinda thing

service fee $2 nia, thru atm or internet banking.
gd luck, huat ah

[cbsh38584]

After the lehman crisis in 08/09, it taught me a very good lesson never to trust all the bank research team, stock GURU , CNBC analysis etc etc except "FEAR" in the market".

One sentence , tippering of QE from the FED in late May13 causes the market to drop 20% to 40% within weeks in EM stocks . Later in early Jul13, another sentence , no tippering of QE from FED causes the market to go up. Majorities of the investors are very emotional & will likely to suffer great losses during this high VIX period. I suspect US FED , Goldman sach , most of the US big bank all are the same gang manipulation the world stock mkt. FYI, there are more to come. Stock is too liquid & investors are likely to react bad/good news like a herd instinct.

Investing in Bond has help me to avoid all this high VIX. During the recent 10 yrs treasury yield shoot up from 1.8% to 2.7%, ,my overall bond holdings only drop 4% to 5% as compare to stock 20% to 40%. If U buy investment grade or blue chip like capland/Kepland etc (not rated) or short dated bond just to hold till maturity without any leverage, U should be able to sleep well. But the yield will be 3% plus. If U buy during the FEAR market just 2 weeks ago, U may get 4%. I am more of a high risk taker. So I go for HY bond & non rated bond.

Below are the Bond I hv bought since 2010 till now. Ave LTV 60% was given by the foreign bank which I think they are too high.I believe they simply want you to leverage more & pass the risk to U. Most local banks have ZERO LTV. I left with only 10 bond holdings .

DBS Pref share 4.7% (My 1st Bond in 2010)
Capland SGD 2.88% convertiable bond
Capital SGD commerical trust 2%
HSBC USD Perp 4.6%
Evergrande Chinese developer CNY 7.5%
Citi pacific USD Perp 7.875%
Noble USD Perp 8.5%
Shui On SGD 8%
Bank of Moscow CHF 4.5%
OUE SGD bond 4.95%
Genting SGD Perp 5.125%
Ascendas SGD Pte Ltd 4.75%
Keppel Corp SGD bond 4% long dated
Central China real esate 10.75%
Petra food SGD 5% (70%)
Hutichison USD Perp 6% (60%)
Cheung Kong Infra-structure USD Perp 6.625%
Banyan tree SGD 6.25%
Lippomall SGD 5.875%
ABN USD 6%
ABN SGD 4.7%
OLAM USD 5.75%
Gazprombank USD Perp 7.8%
Agile USD perp 8.25%
Kiase property USD 8.825%
Trikomsel SGD 5.25%

rdgs,
Vic

[radha08]

service fee $2 nia, thru atm or internet banking.
gd luck, huat ah

ok tks worth a try

[DC33_2008]

Eastspring monthly income M class is giving returns of 10.4%pa for next 6 months and before was 5%+ before. Price has also gone up.

[newbie11]

Eastspring monthly income M class is giving returns of 10.4%pa for next 6 months and before was 5%+ before. Price has also gone up.

how u get 10.4% pa? They pay 5 cents per unit per year. Latest NAV is 1.014.

[DC33_2008]

I have bought some recently when it dips and collected the returns. They are paying more than the usual 5 cents starting June onwards till the end of the year.

how u get 10.4% pa? They pay 5 cents per unit per year. Latest NAV is 1.014.

[starrynight]

I have limited funds, so will go for OUE Reit instead. Not enough time for fund to come back to apply for both.

anybody subscribing to SPH reit is it worth trying

[wirehtc]

Eastspring monthly income M class is giving returns of 10.4%pa for next 6 months and before was 5%+ before. Price has also gone up.

What kind of business in this economic climate can generate >> 10.4% returns?

It may be possible but I'm doubtful.

[DC33_2008]

Have been collecting 5+% for the last 6 years with this fund. It is only recently that they give additional bonus.

What kind of business in this economic climate can generate >> 10.4% returns?

It may be possible but I'm doubtful.

[starrynight]

First issuance on Fri:

ISSUER:
Housing and Development Board
RATING
Unrated
STATUS:
Fixed Rate, Senior Unsecured
ISSUE SIZE:
S$500m off its S$22BN MTN Programme with an option to
upsize
TENOR:
3 Years
COUPON:
1.165% s/a, ACT/ACT, Following Business Day Convention
ISSUE DATE:
26 July 2013
MATURITY DATE:
26 July 2016
ISSUE PRICE:
100.00
DENOMS:
S$250k x S$250k / MTN Prog / SGX-ST / Singapore Law
SOLE BOOKRUNNER:
DBS
TIMING:
As early as today
INDIC RISK RATING:
P1 (P1 to P5, P5 being the highest)

[starrynight]

2nd Fri issuance:

ISSUER:
Perennial China Retail Trust Management Pte. Ltd. (in its capacity as Trustee-manager of Perennial China Retail Trust ("PCRT"))
GUARANTOR:
Perennial China Retail Pte. Ltd.
STATUS:
Senior, Unsecured
FORMAT
RegS, Bearer
ISSUE SIZE:
TBD
TENOR:
3 Years
INITIAL GUIDANCE:
4.75% - 5.25% area semi-annual, actual/365 (fixed)
ISSUE DATE:
TBD
MATURITY DATE:
TBD
DENOMS:
SGD 250,000
CLEARING:
CDP
LISTING:
Application will be made to be listed on SGX-ST
LAW:
Singapore Law
SELLING RESTRICTIONS:
As per IM, primarily S274 & S275 of Singapore SFA
DOCUMENTATION:
Off Issuer's SGD 500mn MTN Programme
SOLE BOOKRUNNER:
DBS
TIMING:
As early as today
INDIC RISK RATING:
4

**NEW ISSUE: PCRT SGD 3Y - UPDATE#1**

- PCRT is Singapore first unique pure play China retail development trust, with exposure to prime real estates worth about S$1.4bln.

- Experienced management team led by Pua Seck Guan and strong ownership with Kuok Khoon Hong (Wilmar Chairman/CEO), Estate of the late Chen Din Hwa (founder of Nan Fung), Pua Seck Guan (CEO) and Martua Sitorus (Wilmar COO) holding respectively about 23%, 12%, 6% and 5.5% deemed interest in PCRT.

- 1Q 2013 profit before tax was S$4.9m (172% jump from the corresponding period last year).

- Low gearing at 23% and healthy interest coverage ratio at 2.7x as of 31 Mar 2013.

- Higher occupancy achieved for Shenyang Furniture Mall as at 31 Mar 2013. Jihua Mall, expecting to commence operation in 3Q2013, has secured prominent tenants such as BreadTalk, Daiso Japan , Disney, H&M, Zara etc.

[newbie11]

I have bought some recently when it dips and collected the returns. They are paying more than the usual 5 cents starting June onwards till the end of the year.

can you point out the source on this >5cents? I cant find any.

[wirehtc]

Have been collecting 5+% for the last 6 years with this fund. It is only recently that they give additional bonus.

Unusual to be suddenly so generous. Be careful.

[cbsh38584]

Asset allocation consist of US high bond , Asian Bond , Equity (capitalmall , Singtel , Goldman sach etc ) & small % of cash holding. This more for income.

rdgs,
Vic

[DC33_2008]

Thanks bro for the caution. Thinking of sell some as it has gone up by 20%.

Unusual to be suddenly so generous. Be careful.

[starrynight]

ISSUER:
Korea Gas Corporation ("KORGAS")
ISSUER RATINGS:
A1 / A+ / AA- (Stable / Stable / Stable)
EXPECTED ISSUE RATINGS:
A1 / A+
FORMAT:
144A / REG S
STATUS:
Fixed Rate, Senior Unsecured
TENOR:
5 yr
ISSUE SIZE:
US$ Benchmark
INITIAL PRICE GUIDANCE:
T+190bps area (3.18%; Currently T~1.28%)
DETAILS:
$200k/1k denoms, SGX listing, New York law
JOINT BOOKRUNNERS:
BofAML / CS / DB / GS (B&D) / HSBC
JOINT LEAD MANAGERS:
BofAML / CS / DB / GS (B&D) / HSBC / KDB
TIMING:
Today's business in NY hours

[cbsh38584]

This is a buy & hold till maturity for this new Banyan Tree SGD Bond as it is not liquid. Sometime , no buyer/seller price in the market as the issue size is small.So may need to hold till maturity. Currently I have banyan Tree SGD 6.25% bond due in 30th May17.



Issuer: Banyan Tree Holdings Limited
Status: Senior, unsecured
Rating: Unrated
Issue Size: [ Expect SGD 70-100mil ]
Distribution: As per Information Memorandum, primarily Singapore
selling restrictions Under Section 274/275 of SFA
Format/Docs: Issuer's SGD400M MTN Programme dated 14 October 2011
Price Guidance: 5.85% area, semi-annual, ACT/365 (Fixed)
Tenor: 5-year
Issue Date: [ ]
Maturity Date: [ ]
Issue Price: 100%
Denomination: SGD250K
Governing Law: Singapore Law
Listing: SGX-ST
Clearing: CDP
Selling Restrictions: Sections 274 and/or 275 of the Singapore SFA
Sole Bookrunner: HSBC
Timing: Expect today's business

[andy]

This is a buy & hold till maturity for this new Banyan Tree SGD Bond as it is not liquid. Sometime , no buyer/seller price in the market as the issue size is small.So may need to hold till maturity. Currently I have banyan Tree SGD 6.25% bond due in 30th May17.



Issuer: Banyan Tree Holdings Limited
Status: Senior, unsecured
Rating: Unrated
Issue Size: [ Expect SGD 70-100mil ]
Distribution: As per Information Memorandum, primarily Singapore
selling restrictions Under Section 274/275 of SFA
Format/Docs: Issuer's SGD400M MTN Programme dated 14 October 2011
Price Guidance: 5.85% area, semi-annual, ACT/365 (Fixed)
Tenor: 5-year
Issue Date: [ ]
Maturity Date: [ ]
Issue Price: 100%
Denomination: SGD250K
Governing Law: Singapore Law
Listing: SGX-ST
Clearing: CDP
Selling Restrictions: Sections 274 and/or 275 of the Singapore SFA
Sole Bookrunner: HSBC
Timing: Expect today's business

If the interest rate is anticipated to inch up during the 5 years, wouldn't you expect the bond price to come under pressure at the end of the term?

I thought DBS also bookrunner?

[cbsh38584]

If the interest rate is anticipated to inch up during the 5 years, wouldn't you expect the bond price to come under pressure at the end of the term?

I thought DBS also bookrunner?

This is more for a buy & hold till maturity Banyan Tree 5.75% Bond. Fixed deposit rate will likely to go up 2 to 3%. If it really goes up by 5% in 4 to 5 yrs time. U are still ok due to it maturity in 2018. If FD will to go up by 5% (not likely), it mean property will likely to plunge.

No leveraging as interest rate (borrowing cost) will likely to up & this is quite illquid SGD bond due to small issue size.

I bought the Banyan Tree SGD 6.25% bond due 2017 issued in 2012 because of the Chairman KP Ho. LTV is 65%. Local banks give ZERO LTV.

FYI, A Chinese investor and a French private equity firm have won over Club Med (CMIP.PA) with an improved 557 million euros ($729 million) takeover bid, seeking to accelerate a shift at the holiday resorts pioneer to fast-growing emerging markets.


rdgs,
Vic

[starrynight]

ISSUER:
Indian Oil Corporation Limited
ISSUER RATINGS:
Baa3 (Stable) / BBB- (Stable) (Moody's / Fitch)
EXPECTED ISSUE RATINGS:
Baa3 / BBB- (Moody's / Fitch)
FORMAT:
Regulation S Registered
STRUCTURE:
Fixed Rate Senior Unsecured Notes
TENOR:
10 yrs
ISSUE SIZE:
US$ Benchmark
INITIAL PRICE GUIDANCE:
6% area
DETAILS:
English Law, US$200k/1k, SGX Listing
JOINT BOOKRUNNERS:
DB, HSBC, Standard Chartered Bank
B & D:
Standard Chartered Bank
TIMING:
As early as today’s business

[starrynight]

ISSUER:
Aspial Corporation Limited
Reopening Issue:
Reopening of SGD50 million 5.00% Fixed Rate Notes Due 22 July 2016 (ISIN: SG57A6994608)
Status:
Direct, unconditional, unsubordinated and unsecured Notes
Rating:
Unrated
Format:
Reg S, S274 & 275 of Singapore SFA off SGD500 million MTN Programme
Yield:
5.00%
Tenure:
3 Years
Tap Size:
SGD [TBD] million
Issue Price:
100.00 area (5.0% area), plus accrued interest from 22 July 2013 (including) to [●] July 2013 (excluding)
Issue Date:
[●] July 2013 will funge immediately
Maturity Date:
22 July 2016
Payment:
Semi-annual, actual/365 (fixed)
Details:
SGD250K/Multicurrency MTN Programme/Singapore Law/CDP
Listing:
SGX-ST
Sole Bookrunner:
DBS
Timing:
This week’s business, as early as today
RISK RATING:
P4 (P1 to P5, P5 being the highest)

[toiletsiao]

Hello toilet

Is it a good time to buy OUE tomorrow or wait a few more days first?. Tks

think u can buy now 2.82/2.83

based on 2.83 its 38% discount to its new NAV...its good enuff a discount to me...

[starrynight]

ISSUER:
HanKore Environment Tech Group Limited ("HanKore")
RATING:
Unrated
FORMAT:
Reg S, S274 & 275 of Singapore SFA off SGD300 million MTN Programme
STATUS:
Direct, unconditional, and unsubordinated Notes
TENOR:
2 yr
ISSUE SIZE:
TBD
INITIAL PRICE GUIDANCE:
7.5% area
ISSUE DATE:
TBD
MATURITY DATE:
TBD
PAYMENT:
Semi-annual, actual/365 (fixed)
CHANGE OF SHAREHOLDING: (IM:Pg 53)
Change of Shareholding Event Put at 101% upon Chairman ceasing to be single largest shareholder
FINANCIAL COVENANTS: (IM:Pg 28)
(i)Consolidated Tangible Net Worth ≥ RMB1,200,000,000;
(ii) (ii) Consolidated Net Borrowings to Consolidated Tangible Ne (t Worth ≤ 1.5:1
(iii) (iii) Consolidated Secured Debt to Consolidated Total Assets ≤ 0.5:1.
Interest Reserve Account:Six months interest in reserve, in addition to pre-funded interest payment at least 3 months prior to each payment date
DETAILS:
SGD250K / Multicurrency MTN Programme / Singapore Law / CDP
LISTING:
SGX-ST
SOLE BOOKRUNNER:
DBS

[starrynight]

Issuer
: Tat Hong Holdings Ltd ("TAT")
Status
: Direct, unconditional, unsubordinated and unsecured
Rating
: Unrated
Format
: Reg S, S274 & 275 of Singapore SFA off SGD500 million MTN Programme
Initial Price Guidance
: 4.25 - 4.75 area
Tenor
: 5 Years
Issue Size
: TBD
Payment
: Semi-annual, actual/365 (fixed)
Issue Date
: TBD
Maturity Date
: TBD
Details
: SGD250K/Multicurrency MTN Programme/Singapore Law/CDP
Listing
: SGX-ST
Joint Bookrunners
: DBS, OCBC (B&D)

[chestnut]

Vic, I heard that interest rate may hit 10% for 2 months (possibility only) within this 2 years (short spike). Your view on this?

2. I say long dated bonds and perpetual bonds will suffer if interest rate spike especially if leveraged, correct or not????

Thanks in advance on your answer. I will do my own due diligence hor.

I just want to hear your view.

[cbsh38584]

Vic, I heard that interest rate may hit 10% for 2 months (possibility only) within this 2 years (short spike). Your view on this?

2. I say long dated bonds and perpetual bonds will suffer if interest rate spike especially if leveraged, correct or not????

Thanks in advance on your answer. I will do my own due diligence hor.

I just want to hear your view.

Your message has to be taken seriously. It prone me not to be too greedy by over leveraging on my bond. In early 2013, My bond holding was almost $3.9m with borrowing >$2m. But has reduced it since Apr13.

A 10% short spike is like a Credit Crunch. During the Lehman crisis, UOB Pref bond dropped to below 70% & capland converiable bond dropped below 80 during the Credit Crunch. This will give U a feel of the price dropped if there is a credit crunch. But for short 2 mths credit crunch. I think the price drop will not like the lehman crisis time.

Let say U buy OLAM USD bond with 50% LTV @100 amount to US$200k. So just come out US$100k. If it drop to below 85. There will be a margin call for my case.

Last year, my UOB banker told me there is a margin call on OLAM bond for those investors who leverage. I do not know the exact detail as I don't have bond holding @UOB. Now UOB don't give LTV on OLAM bond.

Long dated & Perp bond already corrected 6% to 12% since Jun13. Example is the Keppel corp 4% due 2042 IPO@100. Now it is below <90. Genting Perp 5.125% below 94. Cheung Kong 5.25% Perp below 95.

Most of the short dated bond issued in 2012 & some in 2013 are still above 100. So it is better to buy Short dated bond. Some analysis says 3 to 5 yrs. Some more conservative says b4 2016.

I am not a expert in bond. I am just more hardworking in learning & asking around on the bond info. I believe Tradehaven is the only qualified bond traders who truly know about BOND investment.

http://tradehaven.me/2013/02/21/bond...at-crossroads/.

I am waiting for Cheung Kong 5.25% SGD Senior Perp bond to drop to a level Yield to Perpetual is 7%. Now it is only 5.5% (price 94). Maybe it will happen during the credit crunch in the next 2 yrs.

rdgs,
Vic

[chestnut]

Brudder Vic, my sentiments is the same. It's just that I really cannot articulate so well on financial instruments like u...

But I can articulate on properties...

That's why I advocate CASH as part of total asset portfolio. In case of bonds margin call, rights issue, etc ....

For property top up, bro, don't believe people who say there are... It's pure bull shit. They may ask top up if u miss a few payment... But they will never ask top up on general... U know the impact to the market if they do a mass top up????

Long dated bonds dangerous 'now'. But if they fall to a very low level, I am going in..... Why??? It will not be leveraged and it is spare cash and he yield to maturity will be high due to low value...

Thanks for sharing... I also share a bit lar... But I think u already know all this.