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  #427  
Old 18th January 2013
focus focus is offline
Junior
 
Join Date: Jun 2008
Posts: 1,563
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Quote:
Originally Posted by Laguna
There are too many new issues recently and more to come.
One word of cautious : be very very very careful before you buy.

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

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

What I will do is bid for for $750k if I only want $250k. Very high chance you will get 1 allotment. However, in the event, you get more than that, you must have the stomach to take it all in or dispose one when you get it.
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  #428  
Old 18th January 2013
cbsh38584 cbsh38584 is offline
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Join Date: Jan 2011
Posts: 412
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For your info only. Price on 18th Jan 2013


CCY
Issuer

Cpn
Maturity


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

ISIN

Min Piece

SGD
OLAM INTERNATIONAL LTD

4.070
2/12/2013


NA
NA
99.75
8.50
100.00
4.00

SG7V20953777

250,000

SGD
OLAM INTERNATIONAL LTD

3.000
2/25/2013


NA
NA
99.75
5.71
100.00
2.96

SG7Z58967497

250,000

SGD
OLAM INTERNATIONAL LTD

2.500
9/6/2013


NA
NA
98.00
5.83
99.00
4.15

SG6W29985234

250,000

SGD
OLAM INTERNATIONAL LTD

6.000
8/10/2018


NA
NA
94.25
7.28
95.75
6.93

SG6Q54973046

250,000

SGD
OLAM INTERNATIONAL LTD

5.800
7/17/2019


NA
NA
92.00
7.37
92.00
7.37

SG6V64983574

250,000

SGD
OLAM INTERNATIONAL LTD

6.000
10/25/2022


NA
NA
91.00
7.30
92.00
7.15

SG6X10986208

250,000

SGD
OLAM INTERNATIONAL LTD

7.000
Perp


NA
NA
88.00
10.69
89.50
10.20

SG6T26979516

250,000

USD
OLAM INTERNATIONAL LTD

5.750
9/20/2017


NA
NA
93.50
7.42
94.50
7.16

XS0831350185

200,000

USD
OLAM INTERNATIONAL LTD

7.500
8/12/2020


NA
NA
93.55
8.68
94.95
8.42

XS0531284080

100,000

USD
OLAM INTERNATIONAL LTD

6.000
10/15/2016


NA
NA
92.25
8.46
94.25
7.80

XS0450423321

100,000
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  #429  
Old 22nd January 2013
starrynight starrynight is offline
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Join Date: Mar 2008
Posts: 589
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2 new issuances today:
Quote:
Issuer:
Shinhan Bank
Current Issuer Ratings:
A1 by Moody's / A by S&P / A by Fitch
Expected Issue Ratings:
A1 by Moody's / [A] by S&P
Status:
Fixed rate, senior unsecured
Format:
144A/RegS
Size:
US$500mio max
Tenor:
5.5YR
Product Risk Rating
P2
IPG:
2.17% area; 5-year Treasury + 140bps (Current 5-year ~ 0.77%)
Terms:
SGX listing, 200k/1k denoms, New York law
Joint Bookrunners:
ANZ, BofA Merrill Lynch, BNP Paribas, Deutsche Bank, HSBC, JP Morgan, Mizuho Securities
Timing:
Today's Business

Quote:
Issuer
Dubai DOF Sukuk Limited
Obligor
Government of Dubai , Department of Finance
Rating
Unrated
Ranking
Senior unsecured
Format
Sukuk Reg S Registered (Ijara Structure)
Amount
US$ benchmark
Tenor
10yr
IPT:
Low 4%
Product Risk Rating
P5
Denoms
US$200,000 x US$1,000
Governing Law
English and Dubai
Listing
Dubai Financial Market
Bookrunners
Dubai Islamic Bank / Emirates NBD / HSBC / NBAD/ Standard Chartered Bank
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  #430  
Old 24th January 2013
starrynight starrynight is offline
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Join Date: Mar 2008
Posts: 589
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New issue today:

Quote:
Issuer:
Tata Communications (Netherlands) B.V.
Guarantor:
Tata Communications Limited
Structure:
Fixed Rate Senior Unsecured Notes
Issue Size:
SGD Benchmark
Issuer/Issue rating:
Unrated
Format:
Regulation S
Tenor:
3 years
Risk Rating:
P4
Coupon:
4.35 – 4.625% area, semi-annual
List/Denoms:
SGD Benchmark
Change of Control:
Change of Control put at 100%, if the Tata Group ceases to (directly or indirectly) control the Guarantor or own at least 26% of the voting securities of the Guarantor OR the Guarantor ceases to (directly or indirectly) control the Issuer and its intermediate holding company, Tata Communications International Pte. Ltd (“TCIPL”) or own at least 51% of the voting securities of the Issuer or TCIPL
Joint Books:
ANZ, DBS Bank Ltd., The Royal Bank of Scotland and Standard Chartered Bank
Denoms:
S$250k x S$250k
Details:
English Law / SGX Listing
Netroadshow Details
http://www.netroadshow.com; Access code: Tata2013 (not case sensitive)
Timing:
Books open now, today's business
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  #431  
Old 24th January 2013
starrynight starrynight is offline
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Join Date: Mar 2008
Posts: 589
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Commentary:
Feels like a Hit and Run !
For a company (market cap USD 1.2 bio about 2.5 times less than 2009 market cap) that has not tapped the market since 2009, they chose Singapore to launch their first issue and gave investors less than 4 hours to decide (hearing books closed at noon).
You decide if that is a good or bad thing ? I say its irresponsible and tactics of used car salesmen.
4 REASONS TO BUY
1. Retail customers do not read income statements to realise this company has been running losses since 2010 and has negative free cashflow.
2. Indian government owns 26.1% of the company and used to own 100% before selling part of their stake to Tata Sons in 2008 and it stopped making money since.
3. There is a Change of Control clause for Tata majority ownership meaning that bondholders can put the bonds back on the event Tata group loses control.
4. In this new world order, we are incline to believe that Tata Group is TOO BIG TO FAIL.
My banker asked me what I thought of the bond ? The name or the price ?
My answer is the price.
The Indian government is rated Baa2/BBB- which makes it Aaa/AAA with its local rating agencies. Tata Group is Aaa locally which makes it Baa2/BBB-. Tata Power, another loss making company, is B2/BB- (Moodys/S&P).
Best case scenario for Tata Communications would be somewhere in between Baa2/BBB- and B2/BB- given its government linked status. And investment grades end at BBB-, which makes it non investment grade and in the high yield category.
I cannot accept that the bankers are selling Indian Oil, IDBI and ICICI as comparables to this name ! A change of control clause is NOT A GUARANTEE.
A fair price for this bond would be on the other side of 5%, and I understand there is no leverage available.
Still the books are well oversubscribed and this bond has the NRI (non resident Indian) appeal and we all know banks are paying out bonuses now.
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  #432  
Old 24th January 2013
Laguna Laguna is offline
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Join Date: Aug 2009
Posts: 3,560
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It is sad to see now, a lot of people are not doing any more due diligence.
And a lot believe, bond is safe and good, and it is the way to go.

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