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Thread: BOND THREAD

  1. #1591
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    Managed to get allocated for a piece of TA Corp 2.5yr at 5.25% coupon.

    Heard books size was 200m against 50m issue. Initial guidance was 5.5% but closed at 5.25%

    Notice lotsa bashing on this issue in Tradehaven, by supporting minions mostly. Perhaps it's a blue collar industry which the crowd there has no familiarity of. If one recalls, not many there has heard of Trafigura either, they probably know Goldman Sachs though. Maybe they don't know Monsanto, but they would know Morgan Stanley. The only Tyson they might be familiar with is Mike, and not Foods which makes chicken.

    One even claimed they cannot find TA corp listed in SGX, that must be quite a feat to deserve an award for. Hope that dude wasn't using the yellow pages for the lookup. Perhaps sticking to Gov Treasuries suits them better.

  2. #1592
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    Also 2-3x leverage for Tiong Aik, if one considers them a property developer, then the leverage is slightly on the higher side, putting around the level of Lian Beng.

    In no way is it like Oxley Holdings by comparison, in which case one if better off being a shareholder than debt holder. The figure I recall is some 14x leverage but this changes (for the worse) as they re-tap on their MTN programme. On the same basis, the bluechips and the likes of developers run a 0.8-1.x leverage by my calculations earlier into the year for some perspective.

    I'm not making an attempt to defend my investment position, just making a point that there are better targets to harp about the debt quality being closer to junk, and on the same basis, TA Corp shouldn't qualify this quickly to make the cut into the junk list.

    The beauty of the markets is that it can reward one for what they know, and/or punish one for what they didn't know (but should had known better).

  3. #1593
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    Just bought some Olam convertible bond 6.75% (retail) several months ago. Now Breedens is giving a voluntay conditional cash offer for it.

    The offer price is US850.37 for each US$1000 bond (subject to US$30 adjustment for the interest payment on 15 April 2014).

    I have bought it for coupon purpose, having no idea that is it a convertible bond. I have no knowledge about convertible bond.

    any brother can kindly help to explain how it works? my question is:
    (1). what does the cash offer price mean? it does not make sense to me to get back US850 only for a US$1000 bond.
    (2). subject to US$30 adjustment: does it mean that we will get US$880, including the interest?

  4. #1594
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    You just have to be comfortable with your own decisions.

    It's a very small issue, so likely very illiquid secondary market, i.e. prob have to hold to maturity.

    Quote Originally Posted by banana55 View Post
    Also 2-3x leverage for Tiong Aik, if one considers them a property developer, then the leverage is slightly on the higher side, putting around the level of Lian Beng.

    In no way is it like Oxley Holdings by comparison, in which case one if better off being a shareholder than debt holder. The figure I recall is some 14x leverage but this changes (for the worse) as they re-tap on their MTN programme. On the same basis, the bluechips and the likes of developers run a 0.8-1.x leverage by my calculations earlier into the year for some perspective.

    I'm not making an attempt to defend my investment position, just making a point that there are better targets to harp about the debt quality being closer to junk, and on the same basis, TA Corp shouldn't qualify this quickly to make the cut into the junk list.

    The beauty of the markets is that it can reward one for what they know, and/or punish one for what they didn't know (but should had known better).

  5. #1595
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    My friend bought small issues Lippomall 4.88% SGD bond due July 2015. . He tries twice to sell in the open mkt but hardly any buyer. But I believe if he will to sell at a lower price <100.5, it should able to find a buyer in a normal mkt condition. In a crisis condition, it can get as low as 80 due to it illiquid mkt condition. Worst of all, totally no buyer at all & hopefully the companies will survive the crisis till the bond maturity. In between , U may have many sleepless night worrying whether it will default.


    I came to know that a experience fixed income expert . He does not go for Swiber , Ezra , Oxley , Amtek , Tong Aik , Lippomall, Chinese developers name , junk bond , very illiquid small issues bond size etc. He prefers SG blue chip , some good European & US name , investment grade , very liquid big issues bond size where the LTV is between 70% to 85%. He wants to sleep well at night. He enhances his return by leveraging to the max.

    So we need to be very careful. Do not be complacent. Right now, due to the property cooling measures. Many Rich Property speculators start to move to bond mkt.

    Last week , the new issues China citic bank US$300 perp bond was oversubscribed by almost 20 times. Final books more than US$5.7 billions. I tried US$400k hoping of selling within week/mth but no allocation at all. Price now 101-102.

  6. #1596
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    Quote Originally Posted by cbsh38584 View Post
    My friend bought small issues Lippomall 4.88% SGD bond due July 2015. . He tries twice to sell in the open mkt but hardly any buyer. But I believe if he will to sell at a lower price <100.5, it should able to find a buyer in a normal mkt condition. In a crisis condition, it can get as low as 80 due to it illiquid mkt condition. Worst of all, totally no buyer at all & hopefully the companies will survive the crisis till the bond maturity. In between , U may have many sleepless night worrying whether it will default.


    I came to know that a experience fixed income expert . He does not go for Swiber , Ezra , Oxley , Amtek , Tong Aik , Lippomall, Chinese developers name , junk bond , very illiquid small issues bond size etc. He prefers SG blue chip , some good European & US name , investment grade , very liquid big issues bond size where the LTV is between 70% to 85%. He wants to sleep well at night. He enhances his return by leveraging to the max.

    So we need to be very careful. Do not be complacent. Right now, due to the property cooling measures. Many Rich Property speculators start to move to bond mkt.

    Last week , the new issues China citic bank US$300 perp bond was oversubscribed by almost 20 times. Final books more than US$5.7 billions. I tried US$400k hoping of selling within week/mth but no allocation at all. Price now 101-102.
    curious, how many singapore companies that issued bonds went kaput during 1997/2007 crisis??? do you know where to find such info???

    I hope to use it as a reference point...

    cheers

  7. #1597
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    Quote Originally Posted by lionhill View Post
    Just bought some Olam convertible bond 6.75% (retail) several months ago. Now Breedens is giving a voluntay conditional cash offer for it.

    The offer price is US850.37 for each US$1000 bond (subject to US$30 adjustment for the interest payment on 15 April 2014).

    I have bought it for coupon purpose, having no idea that is it a convertible bond. I have no knowledge about convertible bond.

    any brother can kindly help to explain how it works? my question is:
    (1). what does the cash offer price mean? it does not make sense to me to get back US850 only for a US$1000 bond.
    (2). subject to US$30 adjustment: does it mean that we will get US$880, including the interest?
    errr.. I dun see any 6.75% retail convertible. the convertible is 6%, you mean this one ? (I think it is. 15 Oct/Apr is the coupon date, matches your description) For this one, size is 100k USD per bond, current price is about 107-108. The "850" looks like the par value if you exercise the convert (of course no one will do the convert. Convertible means you can demand to get shares at a predetermined price instead of holding the bond. The predetermined price is about 2.##USD, so you get about 450-480 shares, at today's OLAM price value is roughly 850USD)

    No one in his right mind will sell this bond at 85. But legally speaking, you hold a security that can be viewed at par as 480 shares. Since now TH is offering to buy all OLAM shares at 2.23, it is also obliged to make the same offer to you. This does not mean you have to take it. You hold a convertible, you only convert when the underlying share price jumps much higher than your convert (call) price.

    Hope this explanation is clear ?

  8. #1598
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    Quote Originally Posted by amk View Post
    errr.. I dun see any 6.75% retail convertible. the convertible is 6%, you mean this one ? (I think it is. 15 Oct/Apr is the coupon date, matches your description) For this one, size is 100k USD per bond, current price is about 107-108. The "850" looks like the par value if you exercise the convert (of course no one will do the convert. Convertible means you can demand to get shares at a predetermined price instead of holding the bond. The predetermined price is about 2.##USD, so you get about 450-480 shares, at today's OLAM price value is roughly 850USD)

    No one in his right mind will sell this bond at 85. But legally speaking, you hold a security that can be viewed at par as 480 shares. Since now TH is offering to buy all OLAM shares at 2.23, it is also obliged to make the same offer to you. This does not mean you have to take it. You hold a convertible, you only convert when the underlying share price jumps much higher than your convert (call) price.

    Hope this explanation is clear ?
    thanks a lot for the explanation, brother AMK.

    the offer is regarding to the retail 6.75% bond, with a price about S1.04 in SGX.

    Anyway, I think your explanation makes sense, and I will just ignore the letter.

  9. #1599
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    after 1.5 year, this is still my favourite thread...thanks to all the main contributor..
    where is laguna, focus? now we have banana and werther..

    1.5 years ago, i know nothing about investment.. now can boast a bit and also thanks to my work exposure that has got something to do with financial products..

    now my turn to share... we did make some money, something like 150k-200k (myself and family portfolio included)..but it is nothing to shout about because our portfolio is quite big (at least to me, about 3.5 mio)
    We did a lot of FCN (structures), bonds, equities and funds. FCN gives me the most profit but maybe because the stock are on the rising trend.

    Late last year, i liquidated about 80% liao because we purchase another landed property. Waited too long liao ever since R33 said that landed will crash.. but boh leh...

    So not so bad after all, while waiting hopelessly for the crash, decided to enter the investment markets... thanks to all the contributors, I learn a lot ... but still green compare to folks here... if we ever meet, i buy beer ok...

  10. #1600
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    Quote Originally Posted by chestnut View Post
    curious, how many singapore companies that issued bonds went kaput during 1997/2007 crisis??? do you know where to find such info???

    I hope to use it as a reference point...

    cheers
    I think we can find it through our banker & they will ask their bond dealer. But I doubt they will take the trouble to dip out all those data.

    I know S-chip China companies listed in SGX like Celestial milk , China Milk , Hong Xing , Erarat etc bonds went kaput due to Accounting fault. I am not sure about SG companies.

  11. #1601
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    Banglalink:

    Yield guidance at cost: 9% Area
    Books: Open
    Expected Issue Size: USD 300mio
    Denomination: USD 200k x 1k
    Risk Rating: 5B
    LV: 0

    Issuer: Banglalink Digital Communications Limited
    Issuer Ratings: B1 Stable (Moody's) / B+ Stable (S&P)
    Exp. Issue Ratings: B1 (Moody's) / B+ (S&P)
    Status: Fixed rate, Senior Unsecured
    Format: 144A / Reg S
    Tenor: 5NC3
    Issue Size: US$ 300MM
    Covenants: Standard high yield covenants, with Limitation on Indebtedness
    UOP: The proceeds of the Offering will be used to repay existing indebtedness and to finance Capital expenditures.
    Denoms: US$200,000 x US$1,000
    Listing / Law: SGX / New York Law
    Sole Bookrunner: Citigroup
    Timing: As early as this week’s business

    Profile:

    Banglalink is a leading telecommunications operator in Bangladesh providing mobile telecommunications services under the “banglalink” brand name over their own GSM network to retail, corporate and other customer segments through both prepaid and postpaid product offerings.



    Banglalink's principal shareholder is Telecom Ventures, which is a wholly owned subsidiary of GTH. GTH is 51.9% indirectly owned by VimpelCom, one of the world’s largest integrated telecommunications services providers with 219.6 million mobile subscribers and operations in 17 countries worldwide, as of December 31, 2013.

  12. #1602
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    MIE Holdings

    Yield guidance at cost: 8% area
    Books: Open
    Expected Issue Size: USD Benchmark
    Denomination: USD 200k x 1k
    Risk Rating: 5B
    LV: 0

    Issuer: MIE Holdings Corporation
    Guarantors: Substantially all of the non-PRC subsidiaries of the Issuer
    Issuer Ratings: B+ (S&P) / B (Fitch) (both stable outlook)
    Expected Issue Ratings: B+ (S&P) / B (Fitch)
    Ranking: Senior Unsecured Fixed Rate Notes
    Format: Reg S / 144A
    Size: Benchmark
    Tenor: 5NC3
    Covenants: Standard HY covenants
    Settlement: T+7
    Details: US$200k/1k denoms, SGX-ST listing, New York Law
    UOP: To redeem the 2016 Notes and fund related redemption costs and for capital expenditure, working capital and general corporate purposes
    Joint Global Coordinators: Deutsche Bank, BofA Merrill Lynch (B&D)
    Joint Bookrunners: BofA Merrill Lynch, Deutsche Bank, HSBC, JP Morgan, Morgan Stanley, UBS
    Stabilisation: FCA/ICMA

    Profile:

    MIE Holdings is an independent oil and gas company engaged in the exploration and production of oil and gas in China, Kazakhstan and the United States. MIE Holdings is also a leading independent upstream oil company operating onshore in China in terms of gross production.

  13. #1603
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    Quote Originally Posted by cbsh38584 View Post
    I think we can find it through our banker & they will ask their bond dealer. But I doubt they will take the trouble to dip out all those data.

    I know S-chip China companies listed in SGX like Celestial milk , China Milk , Hong Xing , Erarat etc bonds went kaput due to Accounting fault. I am not sure about SG companies.
    Thanks... will check with banker... hahahaha
    most of the bonds I get are also listed in the sgx... so during the past recession, how many go kaput???? If they did, we should know leh... of course things do change... many coys were saved by the effects of QE... hahahaha

    The after effects of QE is the interesting part but we may not see the effects so soon....

    The question is how US can increase the rate when they owe so much debt??? hahahahaha

    Cheers

  14. #1604
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    Quote Originally Posted by stl67 View Post
    after 1.5 year, this is still my favourite thread...thanks to all the main contributor..
    where is laguna, focus? now we have banana and werther..

    1.5 years ago, i know nothing about investment.. now can boast a bit and also thanks to my work exposure that has got something to do with financial products..

    now my turn to share... we did make some money, something like 150k-200k (myself and family portfolio included)..but it is nothing to shout about because our portfolio is quite big (at least to me, about 3.5 mio)
    We did a lot of FCN (structures), bonds, equities and funds. FCN gives me the most profit but maybe because the stock are on the rising trend.

    Late last year, i liquidated about 80% liao because we purchase another landed property. Waited too long liao ever since R33 said that landed will crash.. but boh leh...

    So not so bad after all, while waiting hopelessly for the crash, decided to enter the investment markets... thanks to all the contributors, I learn a lot ... but still green compare to folks here... if we ever meet, i buy beer ok...
    Dear stl67

    Aiya, at least you have decided to plough your funds into property.. Hopefully yr timing is right or you may be upgrading, buying for home stay, so no worry of the short term 'noise' in the property sector, whether up or down and hopefully, mid term can see capital gains.

    I am still undecided what to do....buy pay ABSD.. Don't buy, $$ funds eroding.. Buy bonds, not familiar, very scared to lose $$, you know, now $$ very hard to make... Spend $$ easy...

    But I must thanks all bros here for their kind advice, to cbsh, starry, Arcachon, even Ringo cos he is actually direct and upfront with his thoughts...hope we all can huat together and good health to all...

  15. #1605
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    Quote Originally Posted by stl67 View Post
    after 1.5 year, this is still my favourite thread...thanks to all the main contributor..
    where is laguna, focus? now we have banana and werther..

    1.5 years ago, i know nothing about investment.. now can boast a bit and also thanks to my work exposure that has got something to do with financial products..

    now my turn to share... we did make some money, something like 150k-200k (myself and family portfolio included)..but it is nothing to shout about because our portfolio is quite big (at least to me, about 3.5 mio)
    We did a lot of FCN (structures), bonds, equities and funds. FCN gives me the most profit but maybe because the stock are on the rising trend.

    Late last year, i liquidated about 80% liao because we purchase another landed property. Waited too long liao ever since R33 said that landed will crash.. but boh leh...

    So not so bad after all, while waiting hopelessly for the crash, decided to enter the investment markets... thanks to all the contributors, I learn a lot ... but still green compare to folks here... if we ever meet, i buy beer ok...
    I am still alive and somewhere around on earth.
    Let me know when you are buying beer.
    Met Chestnut the other day, believe both of you can click well.

    But Vic is so private and I think Stary is still in US. On and off got pictures on his FB


    This thread is still the best among all...

  16. #1606
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    Property (investors) investing is a game of leverage (LTV 80%).It is a better asset class to leverage.It can make U penniless if you are not careful (over leverage).

    It is about timing for property investors. Time to enter the market and time to exit the market. If you can time well, you will profit. If you time wrongly, then you may suffer losses. But if you looking at very longer term and have huge Cash reserve , then don't need to care about timing.

    But due to the recent hash cooling measures implemented by the government . It makes property investing no longer attractive as from now due to the TDSR + ABSD.


    Bonds is also one that investors (especially HNW) do leverage on. But selection of bond is very important.Try to buy bonds at PAR (100) or better still under-par (below 100) to get that capital gain if it gets early called or matured. For low/medium risk bond investors, do not invest in junk bond especially emerging mkt bond as it carry high risk of default in the event of big crisis or accounting fraud.


    The Best time to buy bonds is when there is some big crisis where the bonds prices will go down (ie yield goes up).
    Euro crisis in 2011.
    USA default in 2012.
    China banking crisis in 2013
    China bond default in Mar14

    Cheung Kong SGD Perp bond 5.125% low was 88. Now 95
    Genting SGD Perp bond 5.125% low was 89. Now 95.
    Unicredit SPA SGD bond 5.5% low was 88. Now 97.
    etc etc etc.


    Capitaland bond dropped only 6-7% during the Euro crisis in 2011.But share price dropped > 40%. Capland bond now is above par. But the China developer junk bond can drop as much as 30% to 40% during the Euro crisis in 2011 & again muddy water attacked in 2012. U really cant sleep well during the crisis if the dropped is 30% to 40% . Luckily, it survived the crisis & matured in Jan 2014.

    I believe bond should be one of the sector in your portfolio beside property, Reit/Blue chip share & other. When U buy endowment/education fund( 2-4% return depending on the choice of 15 or 18 or 21 policy term ) & saving plan from insurance. A big portion of their portfolio have to be in the investment grade bond that provide a safe return. maybe a very small % in junk bond with a full understanding of the companies financial health.



    Remember , the Best time to buy bonds is when there is some big crisis where the bonds prices will go down (ie yield goes up). I have seen a few times that the bond prices drop during the crisis & recover when everything return back to normal.

    The Best time to buy share is also when there is some big crisis(FEAR). The return will be better. But most of them will keep waiting for the next low until they miss the opportunities. The very minorities experience investors (10%) will be smart enough to buy during the crisis. 90% of the investors will just sitting at the sideline to wait for the next low until sunset. No action.


  17. #1607
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    On vacation in the US Virgin Islands now... share a photo of view from balcony, since I can't afford Sentosa Cove



    Quote Originally Posted by Laguna View Post
    I am still alive and somewhere around on earth.
    Let me know when you are buying beer.
    Met Chestnut the other day, believe both of you can click well.

    But Vic is so private and I think Stary is still in US. On and off got pictures on his FB


    This thread is still the best among all...
    Last edited by starrynight; 23-04-14 at 23:24.

  18. #1608
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    I have applied for the FAR EAST HORIZON LIMITED (BBB-)SGD 3.5YR 4.25%. Allocated one lot (250k).

    FAR EAST HORIZON LIMITED is 27.94% own by Sinochem, 17% by KKR, 9%by Cathay life, 7.35% by GIC


    FAR EAST HORIZON LIMITED

    Year = 3.5 years

    Investment grade bbb-

    LTV 75% (some bank LTV is 60%)

    Cash required = S$62500 (25%X250k)

    Borrowed amt = S$(75%X250k) = S$187.5k

    Yield = 4.25%

    Coupon = 4.25% X S$250k = S$10625.

    interest = 1.1% (S$187.5k X 1.1%) or S$2062 (interest paid/year)

    Custodian Fee = 0.2% or S$500 per year(some bank 0% custodian fee)

    Net cash = S$(10625- 2062-500) = S$8063.

    Return of investment % = (8063/62500)
    = 12.9% with leveraging







  19. #1609
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    What is capitaland bond price? Bought some few years ago.
    Quote Originally Posted by cbsh38584 View Post
    Property (investors) investing is a game of leverage (LTV 80%).It is a better asset class to leverage.It can make U penniless if you are not careful (over leverage).

    It is about timing for property investors. Time to enter the market and time to exit the market. If you can time well, you will profit. If you time wrongly, then you may suffer losses. But if you looking at very longer term and have huge Cash reserve , then don't need to care about timing.

    But due to the recent hash cooling measures implemented by the government . It makes property investing no longer attractive as from now due to the TDSR + ABSD.


    Bonds is also one that investors (especially HNW) do leverage on. But selection of bond is very important.Try to buy bonds at PAR (100) or better still under-par (below 100) to get that capital gain if it gets early called or matured. For low/medium risk bond investors, do not invest in junk bond especially emerging mkt bond as it carry high risk of default in the event of big crisis or accounting fraud.


    The Best time to buy bonds is when there is some big crisis where the bonds prices will go down (ie yield goes up).
    Euro crisis in 2011.
    USA default in 2012.
    China banking crisis in 2013
    China bond default in Mar14

    Cheung Kong SGD Perp bond 5.125% low was 88. Now 95
    Genting SGD Perp bond 5.125% low was 89. Now 95.
    Unicredit SPA SGD bond 5.5% low was 88. Now 97.
    etc etc etc.


    Capitaland bond dropped only 6-7% during the Euro crisis in 2011.But share price dropped > 40%. Capland bond now is above par. But the China developer junk bond can drop as much as 30% to 40% during the Euro crisis in 2011 & again muddy water attacked in 2012. U really cant sleep well during the crisis if the dropped is 30% to 40% . Luckily, it survived the crisis & matured in Jan 2014.

    I believe bond should be one of the sector in your portfolio beside property, Reit/Blue chip share & other. When U buy endowment/education fund( 2-4% return depending on the choice of 15 or 18 or 21 policy term ) & saving plan from insurance. A big portion of their portfolio have to be in the investment grade bond that provide a safe return. maybe a very small % in junk bond with a full understanding of the companies financial health.



    Remember , the Best time to buy bonds is when there is some big crisis where the bonds prices will go down (ie yield goes up). I have seen a few times that the bond prices drop during the crisis & recover when everything return back to normal.

    The Best time to buy share is also when there is some big crisis(FEAR). The return will be better. But most of them will keep waiting for the next low until they miss the opportunities. The very minorities experience investors (10%) will be smart enough to buy during the crisis. 90% of the investors will just sitting at the sideline to wait for the next low until sunset. No action.


  20. #1610
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    CBSH, for our knowledge, is your 1.1% loan interest fixed for e.g. 1 year, then you have to re-fi at the prevailing rate (or then pay in full)? Thanks

    My recent 1 year rate is 1.33%.

    Quote Originally Posted by cbsh38584 View Post
    I have applied for the FAR EAST HORIZON LIMITED (BBB-)SGD 3.5YR 4.25%. Allocated one lot (250k).

    FAR EAST HORIZON LIMITED is 27.94% own by Sinochem, 17% by KKR, 9%by Cathay life, 7.35% by GIC


    FAR EAST HORIZON LIMITED

    Year = 3.5 years

    Investment grade bbb-

    LTV 75% (some bank LTV is 60%)

    Cash required = S$62500 (25%X250k)

    Borrowed amt = S$(75%X250k) = S$187.5k

    Yield = 4.25%

    Coupon = 4.25% X S$250k = S$10625.

    interest = 1.1% (S$187.5k X 1.1%) or S$2062 (interest paid/year)

    Custodian Fee = 0.2% or S$500 per year(some bank 0% custodian fee)

    Net cash = S$(10625- 2062-500) = S$8063.

    Return of investment % = (8063/62500)
    = 12.9% with leveraging







  21. #1611
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    Quote Originally Posted by starrynight View Post
    CBSH, for our knowledge, is your 1.1% loan interest fixed for e.g. 1 year, then you have to re-fi at the prevailing rate (or then pay in full)? Thanks

    My recent 1 year rate is 1.33%.
    It is a weekly or monthly roll over @ range 1.05 to 1.1% per annual.
    Example

    From Value Date - 30 Nov13
    To value date - 31 Dec13
    Interest rate - 1.0547% (range from 1.05 to 1.1%)
    Days - 31
    Basic - Actual/365

    Principal SGD $387,594
    interest SGD $347 for 31 days.


    if I will to fix one year roll over , it will be much higher than 1.1%. Maybe 1.3 to 1.4. So far I did only roll over weekly or fortnightly or monthly. I believe it will slowly move up to above 1.1%


    USD interest is much lower @ below 1% (0.996) currently. Maybe next year will be 1.3.

  22. #1612
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    many of us using leverage in bond or equity investment.
    I'm now reviewing bankers, there are many factors like quality of services, products, and pricing.

    would like to check what is the best rate you can get for your leverage financing? for US$ and S$.

  23. #1613
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    Quote Originally Posted by DC33_2008 View Post
    What is capitaland bond price? Bought some few years ago.
    I bought capland convertiable bond due 2016 coupon 2.87% @0.945 in Aug11. Sold in Apr 2012 @ 98 and switch out to higher yield. The last updated pricing is 106 I got from my banker in Apr 2013. But I do not know the latest pricing now.

  24. #1614
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    Quote Originally Posted by Laguna View Post
    would like to check what is the best rate you can get for your leverage financing? for US$ and S$.
    Laguna, my SGD rates are more or less what Vic stated. 1-year was 1.33%, and 1-month is around 1.1%

    Quote Originally Posted by cbsh38584 View Post
    It is a weekly or monthly roll over @ range 1.05 to 1.1% per annual.
    Example

    From Value Date - 30 Nov13
    To value date - 31 Dec13
    Interest rate - 1.0547% (range from 1.05 to 1.1%)
    Days - 31
    Basic - Actual/365

    Principal SGD $387,594
    interest SGD $347 for 31 days.


    if I will to fix one year roll over , it will be much higher than 1.1%. Maybe 1.3 to 1.4. So far I did only roll over weekly or fortnightly or monthly. I believe it will slowly move up to above 1.1%
    Thanks Vic. Then it's about the same as mine. The bonds I bought recently are under / around 1 year maturity, so I thought I'd just take a 1-year fixed rate for peace of mind.

  25. #1615
    Join Date
    Nov 2008
    Posts
    9,217

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    Thanks. I have bought at 94.5 with coupon at 3.9% due 2017.
    Quote Originally Posted by cbsh38584 View Post
    I bought capland convertiable bond due 2016 coupon 2.87% @0.945 in Aug11. Sold in Apr 2012 @ 98 and switch out to higher yield. The last updated pricing is 106 I got from my banker in Apr 2013. But I do not know the latest pricing now.

  26. #1616
    Join Date
    Jan 2011
    Posts
    1,081

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    Quote Originally Posted by DC33_2008 View Post
    Thanks. I have bought at 94.5 with coupon at 3.9% due 2017.
    Capland convetiable bond printout from my banker from Bloomberg screen in Apr 2013.

    Capland 2.875% due Sep 2016.
    2.1% due Nov 2016
    3.125% due Mar 2018
    2.95% due Jun 2022.

    I believe your is capitaland treasury bond. I do not have the detail.

  27. #1617
    Join Date
    Nov 2008
    Posts
    9,217

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    Sure. Thanks.
    Quote Originally Posted by cbsh38584 View Post
    Capland convetiable bond printout from my banker from Bloomberg screen in Apr 2013.

    Capland 2.875% due Sep 2016.
    2.1% due Nov 2016
    3.125% due Mar 2018
    2.95% due Jun 2022.

    I believe your is capitaland treasury bond. I do not have the detail.

  28. #1618
    Join Date
    Jan 2013
    Posts
    521

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    Hi, AMK, just an update to you. I have just received a letter from the bank, that the cash offer is not applicable to the 6.75% bonds. The bank advised us to ignore previous letter.


    Quote Originally Posted by amk View Post
    errr.. I dun see any 6.75% retail convertible. the convertible is 6%, you mean this one ? (I think it is. 15 Oct/Apr is the coupon date, matches your description) For this one, size is 100k USD per bond, current price is about 107-108. The "850" looks like the par value if you exercise the convert (of course no one will do the convert. Convertible means you can demand to get shares at a predetermined price instead of holding the bond. The predetermined price is about 2.##USD, so you get about 450-480 shares, at today's OLAM price value is roughly 850USD)

    No one in his right mind will sell this bond at 85. But legally speaking, you hold a security that can be viewed at par as 480 shares. Since now TH is offering to buy all OLAM shares at 2.23, it is also obliged to make the same offer to you. This does not mean you have to take it. You hold a convertible, you only convert when the underlying share price jumps much higher than your convert (call) price.

    Hope this explanation is clear ?

  29. #1619
    Join Date
    Mar 2008
    Posts
    706

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    Some recent issuances:

    Yanlord

    Yield guidance at cost: Mid 6%
    Expected Issue Size: SGD 250mio to 300mio
    Denomination: SGD 250k x 250k
    Risk Rating: 4N
    LV: 55%

    Issuer Yanlord Land Group Limited
    Subsidiary Guarantors Certain of the Issuer’s subsidiaries incorporated outside the PRC
    Parent Guarantor Ratings Ba3 / BB- (both stable) (Moody’s/S&P)
    Expected Issue Ratings Ba3 / BB- (Moody’s/S&P)
    Issue SGD Senior Notes
    Format Regulation S only (Registered form)
    Size SGD Benchmark
    Tenor 3-YEAR
    Security Share pledges of certain Subsidiary Guarantors
    Covenants Customary high yield covenants
    Use of Proceeds Refinancing of the 2010 Revolving Credit Facility,the 2011 Credit Facility and the Shareholder Loan
    Clearing System: Euroclear / Clearstream
    Listing Singapore Exchange Securities Trading Ltd("SGX-ST")
    Governing Law New York law
    Joint Lead Managers DBS Bank Ltd., HSBC and Standard Chartered Bank
    and Joint Bookrunners

  30. #1620
    Join Date
    Aug 2009
    Posts
    2,988

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    Quote Originally Posted by lionhill View Post
    Hi, AMK, just an update to you. I have just received a letter from the bank, that the cash offer is not applicable to the 6.75% bonds. The bank advised us to ignore previous letter.
    this was exactly what I meant : " I dun see any 6.75% retail convertible. the convertible is 6%".

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