BOND THREAD

[starrynight]

Uh, if you are with CS or any private banks, it is pretty common for them to give you a pre-approved credit limit and you can actually use that to buy bonds without coughing out any of your money. It is leveraged on your total AUM.

Yes, this is the case for me (non private banking).

On the part of of Trafigura, I recall reading (either here or Tradehaven) that the LTV is offered at 60% at CS but non at other PB outlets nor retails. Some was saying this is in part due to the fact that CS was one of the 4 bookrunners. I did not verify whether any gearing was offered elsewhere, but can confirm that it is indeed 60% at CS. It's interesting to hear about the possibility of 300% LTV where 250k position is offered 750k financing, but concurrently also alarming that it's happening to this name which I like pretty much.

DBS leverage offered was 65%

[Lovelle]

i balloted some CMT trust lately

[cbsh38584]

Bond product Phillip securities group in HONG KONG.
Just FYI.

http://www.poems.com.hk/en-us/produc...e/bonds/price/

[banana55]

Yes, this is the case for me (non private banking).

DBS leverage offered was 65%

Woo nice to know DBS is offering leverage as well

[starrynight]

Some info on the first China bond default today, as well as other possible defaults in the pipeline

[starrynight]

Some issuances this week:

Issuer: Ezion Holdings Limited
Status: Direct, unconditional, unsubordinated and unsecured Notes
Rating: Unrated
Format: Reg S, S274 & 275 of Singapore SFA
Tenure: 6 Years
Issue Size: TBD
Payment: Semi-annual, actual/365 (fixed)
Details: SGD250K/Multicurrency Debt Issuance Programme/Singapore Law/CDP
Listing: SGX-ST
Joint Bookrunners: DBS & CIMB



Coupon supposedly around 5.1%

[starrynight]

Issuer: HSBC Holdings plc (Ticker: HSBC)
Status of Notes: Dated Subordinated Notes (Tier 2), pari passu with existing dated subordinated Tier 2 notes
Currency / Size: US$ Benchmark
Issuer Ratings: Aa3 / A+ / AA- (neg/neg/st)
Expected Issue ratings: A3 / A- / A+
Format: SEC Registered
Tenor: 10 year bullet | 30 year bullet
Yield Guidance: Indic 4.58% pa | Indic 5.63% pa
Maturity Date: 14 March 2024 | 14 March 2044
Settlement: 12 March 2014 (T+5)
Coupon: Fixed, semi-annual 30/360 (long first coupon)
Regulatory Call: Call at par plus accrued interest if notes are fully excluded from Tier 2 capital
Tax Call: Call at par plus accrued interest upon imposition of additional amounts
Statutory Loss Absorption: Risk factors and cross reference in T&Cs - Acknowledgment that the Notes will be subject to any UK Statutory bail in powers
Variation/Substitution: None
Listing: Application will be made to list the Notes on the NYSE
Denoms: USD $200,000 x $1,000
Governing law: New York Law except for subordination & consent to the exercise of UK bail-in powers (English law)
Sole Bookrunner/B&D: HSBC
Timing: Today's business NY

[starrynight]

CWT 3 YR SGD Bond IPO.
Summary of Key Terms:

Tenor: 3-year
Coupon: 4% to 4.25%
Unrated
Indicative LV: 70% (Subject to confirmation from PB Credit)
Risk Rating: 4N
Expected Issue Size – SGD 50mio to 100mio

Company Description:

• CWT was incorporated in 1970 to provide warehousing and container services to support containerisation in Singapore. CWT is a provider of integrated logistics solutions for customers worldwide in the commodities, chemical and petrochemical, marine, oil and gas, defence and industrial sectors.

• CWT designs, engineers and manages supply chain solutions, leveraging on its in-depth domain knowledge, innovative capabilities and global logistics infrastructure. Through its global network, CWT is able to connect its customers to approximately 200 direct ports and over 1,500 inland destinations around the world.

• CWT’s freight logistics business is supported by operations in approximately 104 offices across 27 countries and CWT’s service agents across the world.

• CWT also provides engineering management and maintenance services for facilities and vehicles and equipment fleet, financial services through the asset management of Cache Logistics Trust (“Cache”) and brokering services for futures and derivatives trades. CWT currently manages more than 10,000,000 square feet of warehouse space globally

Tradehaven commentary:

Almost a year since their inaugural issue in SGD bond space and we are getting closer to true value.
I do not like to argue with retail folks because they get defensive almost immediately and start telling me that even if they had bought the CWT 6 year at 3.9%, they have earned their 3.9% interest and they are happy with their purchase and their money is still safe, parroting their bankers, who are probably very good at making their clients feel good about themselves.
So I will not say anything bad about CWT whose stock price has fallen a tad ( hearing 300 lots brought down the share price by 7 cts !) because I am unfamiliar with the company but my comments last year remain. http://tradehaven.net/market/new-iss...wt-6y-sgd-4-1/
And I really do not know much about these mid size caps but I do not like it when the new modus operandi is to borrow and borrow and rollover maturities without even ever thinking of repaying debt. This observation is not targeted at CWT which, in my opinion, is better behaved than some other companies out there.
3 year interest rate is 0.855%, so we are getting a coupon that is more than 3% over the base rate.
To put into perspective, the 6Y CWT was priced at 3.9% when the 6 year interest rate was 1.88%.
Today, CWT 3.9% 04/2020 is trading at 4.62% ? When 5 year interest rates are 1.6%.
Which means ?
SELL THE CWT 3.9% 2020 and BUY THIS NEW ONE because they are trading at the same credit spread. Just a thought.
And if the banker is unable to honour the price of the old one, errr, I think the new one should run into similar liquidity problems too. I can vouch that I have not seen a price for CWT 6Y for a long time and it is nearly a miracle that the comparable popped up just because they are marketing a new issue.
If you have a portfolio worth over 30 million in bonds (report says Singapore will have 4,878 of such people by 2023 http://www.bloomberg.com/news/2014-0...es-hub-1-.html) , perhaps worth considering some. Although it is not a bad buy for a 3 year paper which is proving to be the favoured tenor these days (look at Mustafa).
But if you just want to be fashionable and be able to tell your friends and peers that you are an serious bond investor, names such as CWT and Oxley too, for that matter, will not make you look very intellectual in the eyes of, say, professional investors. Unless it is in the company of wealthy and bored housewives who do not invest their own money, and with whom I have been very fortunate to be acquainted with, I daresay, owning a CWT bond may win me an admiring glance (being very sour grapes here).

[starrynight]

Issuer: Eastern Air Overseas (Hong Kong) Corporation Limited
Guarantor: China Eastern Airlines Corporation Limited
Guarantor Ratings: Unrated
Expected Issue Ratings: Unrated
Format: Reg S registered
Issue Size: CNH Benchmark
Tenor: 3-Year
Joint Lead Managers
and Joint Bookrunners: Agricultural Bank of China Limited Hong Kong Branch, DBS Bank Ltd., Deutsche Bank, HSBC (B&D), Standard Chartered Bank (Hong Kong) Limited
Timing: As early as today
Details: CNY1,000,000 X CNY10,000 denoms, SEHK listing, Hong Kong Law
Clearing: CMU with linkage to Euroclear and Clearstream

Initial Yield guidance at cost: 4.875% area
Expected Issue Size: Benchmark
Denomination: CNH 1mio x 10k
Timing: As early as today
LV: TBC (Likely to be 70% base on existing bond)

[cbsh38584]

I apply for UOB USD bond 3.88%. Got zero allocation.


I got it for AMTEK ENGINEERING LTD SGD 6.9% bond. LTV 60%. Price to sell now is 100.5. But intend to keep for a few mths & sell it at a better bond pricing + accurred interest.

AMTEK ENGINEERING LTD SGD 6.9% bond
ISSUE DATE: 20 Mar 2014
MATURITY DATE: 20 Mar 2019
FIRST CALL DATE: 20 Mar 2017.

They have strong backing in Stanchart private equity as a shareholder, holding 29% of outstanding stock (mkt cap SGD 321.5 mio), and Temasek holds about 4.9% too

[banana55]

I apply for UOB USD bond 3.88%. Got zero allocation.


I got it for AMTEK ENGINEERING LTD SGD 6.9% bond. LTV 60%. Price to sell now is 100.5. But intend to keep for a few mths & sell it at a better bond pricing + accurred interest.

AMTEK ENGINEERING LTD SGD 6.9% bond
ISSUE DATE: 20 Mar 2014
MATURITY DATE: 20 Mar 2019
FIRST CALL DATE: 20 Mar 2017.

They have strong backing in Stanchart private equity as a shareholder, holding 29% of outstanding stock (mkt cap SGD 321.5 mio), and Temasek holds about 4.9% too

Managed to secure a piece of Amtek as well. Had ordered for more, but considering the 200M issue is over 5x oversubscribed in excess of 1B, I can't complaint.

Skipped on UOB's USD issue altogether because I thought low 4% guidiance yield was a little low on this issue, albeit Asian AA rated demand was said to be high. The spread between 10 year US Treasury being at 2.7% versus UOB with COCOs like Loss Absorbtion feature didn't justify it for me.

[cbsh38584]

Bought 500k Lippomall SGD bond 5.875% in Jun12. LTV 65%.
Just sold partial 250k Lippomall @103.75 & switch to Amtek engineer SGD bond 6.9%.

The UOB SGD Perp bond 4.75% is already trading 102 to 102.8 since IPO Nov13. So I believe the UOB USD bond 3.88% (US$200k - LTV70%) may go > 101 within 2-3 mths .But too bad, I did not get it. I believe can sell & get 1+% profit within 2-3 mths Profit is not big


Trafigura USD perp 7.625% bond (IPO Apr 13) is trading 103-104. But SGD perp 7.5% (IPO FEB14) is trading 100 to 100.7. So SGD bond may (may not)have room to go >101.

[cbsh38584]

Final UOB USD bond is not 3.88. It is 3.75%.

[banana55]

Nice flip there on the Lippomall.

Taking UOB USD at 3.75% versus UST10Y at circa 2.75%(current px) leave 100bps spread between them. It might be a blessing in disguise not to have gotten any allocation. General rising of UST10Y yield or widening credit spread due to the slightest market fear will do no favours. The demand size for UOB USD will have to rationalize the tight spread (IMHO) somehow. UOB USD is afterall not a corp vanilla issue.

Notice as well this week that Trafi has finally broken above waters of parity, small victory considering a starting 99.30/50 at secondary market at the onset.

[cbsh38584]

Nice flip there on the Lippomall.

Taking UOB USD at 3.75% versus UST10Y at circa 2.75%(current px) leave 100bps spread between them. It might be a blessing in disguise not to have gotten any allocation. General rising of UST10Y yield or widening credit spread due to the slightest market fear will do no favours. The demand size for UOB USD will have to rationalize the tight spread (IMHO) somehow. UOB USD is afterall not a corp vanilla issue.

Notice as well this week that Trafi has finally broken above waters of parity, small victory considering a starting 99.30/50 at secondary market at the onset.

I put a limit of 4% for the UOB USD bond. At the very last min, my banker told me to put a limit of 3.88%. Final pricing is 3.75%. So I was not allocated. Can buy @par (100) today.

[banana55]

I put a limit of 4% for the UOB USD bond. At the very last min, my banker told me to put a limit of 3.88%. Final pricing is 3.75%. So I was not allocated. Can buy @par (100) today.

Thankfully for the limit order? or would you still prefer getting allocated at 3.75% knowing what we know today?

[cbsh38584]

Thankfully for the limit order? or would you still prefer getting allocated at 3.75% knowing what we know today?

According to my banker,the UOB USD bond 3.75% issued price is 99.30, not 100. It work out to be 3.88%. To buy now is 100 to 100.2. Need to apply > US$1m to be able to get US$200k (min). There is still some small profit of 1% + to be made by holding 3-4 mths.

[cbsh38584]

Olam bond prices sink to record low

Investors waiting to see how battle with Muddy Waters will pan out



By alvin foo

OLAM International's share price may have rallied in recent days, but the same cannot be said of its bonds.

Some of them hit all-time lows yesterday and on Thursday as investors awaited more clarity on its ongoing battle with research firm Muddy Waters.
Olam's perpetual bond, issued at par with a 7 per cent yield, traded at a record low of 75.439 cents to a dollar on Thursday, according to Bloomberg data. Barely a day earlier, this bond was done at 93.421 cents. Yesterday, it was changing hands at 76.442 cents with a yield of 14.661 per cent.
Bond yields rise as prices fall.

Yields on Olam's five-year bond, issued at par with a 5.75 per cent coupon, climbed to a record of 10.034 per cent yesterday. It was trading at just 83.997 cents to a dollar.

A bond expert who declined to be named said: "The liquidity is still quite low, which means that not many people are willing to sell. Most are waiting on the sidelines to see if there will be more clarity."

But market experts cautioned that Olam's bond prices could head further south next week as the firm's confrontation with the short-seller has escalated.

Yesterday, Muddy Waters stepped up its war of words with Olam with a provocative challenge to the company over its debt levels and a stinging attack on its boss Sunny Verghese.

"Bond investors scrutinise the company's balance sheet more, especially the fine print, while equity investors look more at the profit and loss statement," said APS Asset Management chief investment officer Wong Kok Hoi, whose firm does not own any Olam bonds.

"The selling looks likely to continue next week because of balance sheet concerns. Bond investors are concerned about the company's ability to refinance the short-term loans and bonds, the much higher interest costs the company has to bear," he added.

Olam shares closed at a recent low of $1.50 on Wednesday, but rebounded to $1.575 yesterday. They are down 26 per cent for the year.
Olam, whose debt is not rated by any agency, has US$5.8 billion (S$7 billion) in outstanding debt, of which US$2.89 billion is in bonds, according to Bloomberg.
A fund manager said: "The short-term bonds seem a worthwhile bet currently. The risk of not getting back the principal seems low, given the strong, convicted defence by Olam's board."

Mr Verghese on Thursday said his firm was "willing and ready" to support the bonds if there is "panic". Olam bonds have been generally well subscribed. For instance, its $100 million issue in July last year was subscribed more than 10 times, receiving $1.1 billion in orders and so was upsized to $250 million.
[email protected]
Copyright © 2012 Singapore Press Holdings. All rights reserved.

BREEDENS INVESTMENTS TO MAKE OFFER
FOR OLAM SHARES AT S$2.23 PER SHARE.

Muddy water in deep trouble. Extremely Good news for bond holders. Those who took "Casino" risk in buying OLAM 7% SGD perp bond @75. A 33% capital gain + 7% coupon/yr + accurred interest from Dec13 to 2014 (Actual mth TBA). Price trading @99.5 to sell.


My Olam USD 5.75% bond dropped to 85 in Dec12. Price trading @102 to SELL now.


rdgs,
vic

[cbsh38584]

BREEDENS INVESTMENTS TO MAKE OFFER
FOR OLAM SHARES AT S$2.23 PER SHARE.

Muddy water in deep trouble. Extremely Good news for bond holders. Those who took "Casino" risk in buying OLAM 7% SGD perp bond @75. A 33% capital gain + 7% coupon/yr + accurred interest from Dec13 to 2014 (Actual mth TBA). Price trading @99.5 to sell.


My Olam USD 5.75% bond dropped to 85 in Dec12. Price trading @102 to SELL now.

rdgs,
vic

Sold my OLAM USD 5.75% @102. capital gain 2%. Buy back Hyflux 5.75% SGD perp @100.60 to replace my OLAm USD bond

[starrynight]

Congrats! I've always thought Temasek will buy out Olam (especially if things don't look good).

My bank marks-up a big profit margin when they quote prices for bonds, so no chance for me to trade them the way you do

Sold my OLAM USD 5.75% @102. capital gain 2%. Buy back Hyflux 5.75% SGD perp @100.60 to replace my OLAm USD bond

[cbsh38584]

Congrats! I've always thought Temasek will buy out Olam (especially if things don't look good).

My bank marks-up a big profit margin when they quote prices for bonds, so no chance for me to trade them the way you do

On 22nd Jan 2014 ,OLAM repurchase Of S$39.2 Million 7% Perpetual Capital Securities And S$15 Million 6% Fixed Rate Notes Due 2022. Should have noticed this important buy back bond signal in Jan14.

My another Chinese developer Evergrande 7.5% CNY Bond was also attacked by Muddy Water in Jun 2012. Price dropped to 76. The lowest was 55 during the Euro crisis in 2011. The bond was just matured in Jan 2014.


So I believe if U have the holding power, choose the quality Perp bond or straight bond. Perp bond like Li KaSing Cheung Kong 5.125% SGD . Price is 91 now. Waiting for the price to drop <85 (yield to perpetual >6% + due 2049) , then I will get my sisters to invest 60k -100k each to be part of their long term retirement income.

[DMCK]

can please advise on these two funds below. thanks
- Aberdeen Pacific Equity
- First State Bridge

[cbsh38584]

can please advise on these two funds below. thanks
- Aberdeen Pacific Equity
- First State Bridge

Good fund to invest in Aberdeen pacific equity as part of your investment portfolio for long term holding.

It has gone through Asia financial crisis 1998 , Dot com crash (2000) , 2001 Sept 11 crash , Sar 2003, 2008/09 Lehman crisis , Euro Crisis 2011 etc. Ave return 9% since inception Dec 1997. But not sure whether the fund is able to maintain ave 9% return for the next 15 yrs .

Price trading @ 4.37 on Feb12. Today Price is 4.75. Ave 4.5% since Feb12.
52 week high = 5.25
52 week low = 4.25

I think buying Singpost will also give U 4%+. But your risk is not spread. Single counter risk. Buy Online - 1% .

==============================================
1st state bridge fund - Did not monitor. No comment.

[DMCK]

Good fund to invest in Aberdeen pacific equity as part of your investment portfolio for long term holding.

It has gone through Asia financial crisis 1998 , Dot com crash (2000) , 2001 Sept 11 crash , Sar 2003, 2008/09 Lehman crisis , Euro Crisis 2011 etc. Ave return 9% since inception Dec 1997. But not sure whether the fund is able to maintain ave 9% return for the next 15 yrs .

Price trading @ 4.37 on Feb12. Today Price is 4.75. Ave 4.5% since Feb12.
52 week high = 5.25
52 week low = 4.25

I think buying Singpost will also give U 4%+. But your risk is not spread. Single counter risk. Buy Online - 1% .

==============================================
1st state bridge fund - Did not monitor. No comment.

thank you for your feedback. Newbies on investment, just wanna park some money in funds for around 10 years to get some returns.
Got CMT bonds recently too.

[cbsh38584]

HAPPIER
The older I get, the less I care about what people think of me. Therefore the older I get, the more I enjoy life.




WISER
The older I get , the less I trust the Analyst stock recommendations, Goldman sach , Citibank , CS, SC , Morgan , SG stock gurus , friend/colleague investment tips etc.

The older I get, I finally wake and realize that GREED investing , HERD investing, frequent trading of stocks , HIGH leveraging in speculative derivative product (ELN ,FCN , Accumulator etc) , FX trading is a guarantee for failure in long run.

So the older I get, the more I trust “FEAR investing” , INCOME investing , PATIENT investing & ONLY BLUE CHIP investing.

Therefore the older U & I get, U & I will probably be wiser & make less mistakes. But make sure it is not a very expensive learning investing experience by the time we are older & wiser & not getting into a high debt situation which is detrimental to your family happiness.

[indomie]

HAPPIER
The older I get, the less I care about what people think of me. Therefore the older I get, the more I enjoy life.




WISER
The older I get , the less I trust the Analyst stock recommendations, Goldman sach , Citibank , CS, SC , Morgan , SG stock gurus , friend/colleague investment tips etc.

The older I get, I finally wake and realize that GREED investing , HERD investing, frequent trading of stocks , HIGH leveraging in speculative derivative product (ELN ,FCN , Accumulator etc) , FX trading is a guarantee for failure in long run.

So the older I get, the more I trust “FEAR investing” , INCOME investing , PATIENT investing & ONLY BLUE CHIP investing.

Therefore the older U & I get, U & I will probably be wiser & make less mistakes. But make sure it is not a very expensive learning investing experience by the time we are older & wiser & not getting into a high debt situation which is detrimental to your family happiness.

Sweet advice. Thanks a lot buddy. Often greed is not worth it. In the end we might get everything we want. But at the cost of happiness, it simply not worth it.

[starrynight]

ESTABLISHMENT OF S$500,000,000 MULTICURRENCY DEBT ISSUANCE PROGRAMME
The Board of Directors of Vallianz Holdings Limited (the "Issuer") is pleased to announce that it has today
established a S$500,000,000 Multicurrency Debt Issuance Programme (the "Programme") and that in connection
therewith, the Issuer has appointed DBS Bank Ltd. to act as the sole arranger and the dealer of the Programme.
Under the Programme, the Issuer, subject to compliance with all relevant laws, regulations and directives, may from
time to time issue notes (the "Notes") and perpetual securities (the "Perpetual Securities" and collectively with the
Notes, the "Securities") in series or tranches in Singapore dollars and/or any other currency as may be agreed
between the relevant dealer of the Programme and the Issuer. The Securities will be offered by the Issuer pursuant
to exemptions invoked under Sections 274, 275 and/or any other applicable provision of the Securities and Futures
Act, Chapter 289 of Singapore. Each series of Securities may be issued in various amounts and (in the case of
Notes) tenors, and may bear fixed or floating rates of interest or distribution or (in the case of Notes) variable rates
of interest. Hybrid Notes or Zero Coupon Notes may also be issued under the Programme. The Notes and senior
Perpetual Securities will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and
shall at all times rank pari passu, without any preference or priority among themselves, and pari passu with all other
present and future unsecured obligations (other than subordinated obligations and priorities created by law) of the
Issuer. The subordinated Perpetual Securities will constitute direct, unconditional, subordinated and unsecured
obligations of the Issuer and shall at all times rank pari passu, without any preference or priority among themselves,
and pari passu with any parity obligations of the Issuer.
The net proceeds from the issue of the Securities (after deducting issue expenses) will be used for general
corporate purposes, including refinancing of borrowings, financing investments and capital expenditure requirements
and the general working capital of the Issuer or its subsidiaries or such other purpose as specified in the applicable
pricing supplement.
Approval in-principle has been received from the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for
the establishment of the Programme and application will be made for the listing and quotation of Securities which
are agreed at the time of issue thereof to be so listed on the SGX-ST. Such permission will be granted when such
Securities have been admitted to the Official List of the SGX-ST. The SGX-ST assumes no responsibility for the
correctness of any of the statements made or opinions expressed or reports contained herein. Approval in-principle
from, admission to the Official List of, and the listing and quotation of any Securities on, the SGX-ST are not to be
taken as an indication of the merits of the Issuer, its subsidiaries, its associated companies (if any), its joint venture
companies (if any), the Programme or such Securities.

[starrynight]

Some issuances the past week or so:

Initial Yield guidance at cost
3.5% area
Books
Open
Expected Issue Size
CNH 1.5bio
Denomination
CNH 1mio x 10k
Timing
Today’s business
Comments
No Recommendation
Risk Rating
2N
LV
Pending approval (Indicative 80%)


Issuer: Bank of Communications Co., Ltd.
Issuer Ratings: A3 Stable (Moody's) / A- Stable (S&P) / A Stable (Fitch)
Expected Issue Ratings: Unrated
Format: Reg S registered
Issue Size: CNH benchmark
Tenor: 2 Years
Global Coordinators: Bank of Communications Co., Ltd. Hong Kong Branch, HSBC
Joint Lead Managers
and Joint Bookrunners: Bank of Communications Co., Ltd. Hong Kong Branch, HSBC (B&D), BOCOM International, CITIC Securities International
Details: CNY1,000,000 X CNY10,000 denoms, SEHK listing, Hong Kong Law
Clearing: CMU, with linkage to Euroclear and Clearstream

[starrynight]

Initial Yield guidance at cost
High 4% area
Books
Open
Expected Issue Size
TBD
Denomination
SGD 250k x 250k
Timing
Today’s business
Comments
No Recommendation
Risk Rating
4N
LV
TBC (Indic 75%)


ISSUER : Ezra Holdings Limited
STATUS : Direct, unconditional, unsubordinated and unsecured Notes

[starrynight]

Today:

HDB


Initial Yield guidance at cost: 3%
Books Open
Expected Issue Size S$600mm (with an option to upsize)
Denomination SGD 250k x 250k
Timing Today’s business
Comments No Receommendation
Risk Rating 2N
LV TBC


ISSUER: Housing and Development Board
RATING: Unrated
SERIES: 58
FORMAT: S274 & 275 and Reg S Bearer, Fixed Rate Notes (off Issuer's S$22bn Multi-currency MTN Programme)
STATUS: Fixed Rate, Senior Unsecured
ISSUE SIZE: S$600mm (with an option to upsize)
SETTLEMENT DATE: 26 March 2014
MATURITY DATE: 26 March 2021
COUPON DATES: 26 March and 26 September (First Pay: 26 September 2014)
DETAILS: S$250k x S$250k / MTN Prog / SGX-ST / Singapore Law
JOINT BOOKS: ANZ / CIMB / DB / Maybank Kim Eng / Standard Chartered Bank
B&D: Standard Chartered Bank