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MarcPh Senior	29-Apr-2017 23:15        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	Exciting BASEL-III Tier 2 SGD Bonds expected to be launched from Germany&rsquo s LBBW Bank after Labour Day. Likely placement managers include OCBC, UOB and/or BNP Paribus Credit Rating: http://www.lbbw.de/en/investor_relations/rating/rating.jsp Risks &ndash BASEL-III Tier 2 bonds contain loss-absorption feature. In the event that the banks suffered huge losses, Tier 2 bonds will be written-down/off or converted to equities after Additional Tier-1 (AT1) bonds are fully written-down/off. Pros &ndash LBBW Bank is approximately 60% owned by the German City Stuttgart and Baden-Wü rttemberg State   Comparison with other Tier-2 SGD bonds from BBB+/- European Banks Issued 2 months ago, Commerzbank (Germany) 10NC5 4.875% SGD bonds, resale price appx 3% above par. Issued 12 months ago, ABN AMRO (Netherlands) 10NC5 4.75% SGD bonds, resale price appx 4.5% above par. Issued 18 months ago, BNP Paribus (France) 10NC5 4.3% SGD bonds, resale price appx 2.5% above par.
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tanghao Member	28-Apr-2017 16:01        tanghao About Contact  Quote this Post!
x 0   x 0  Alert Admin	mobile app development is very important for a successful company.
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MarcPh Senior	28-Apr-2017 12:44        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	Probably OCBC' s biggest bond embarrassment since the 2015/16 peddling of Nam Cheong bonds to their private clients, Heeton' s new 2020 bonds trade at appx 1% below par on grey-market' s first morning and Heeton shares were down 3% this morning due to the disappointment over the failure to hit the indicative quantum.
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MarcPh Senior	28-Apr-2017 09:26        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	Heeton' s new 6.1% 2020 Bonds might be one of the weakest plain-vanilla SGD bonds issued in 2017 till date. Trading at 0.5 - 1.0% below par in grey market (before official issue date). MarcPh      ( Date: 28-Apr-2017 07:25) Posted: Placement managers OCBC failed to place out targeted $100mio for Heeton. Final issue $75mio at 6.1% MarcPh      ( Date: 27-Apr-2017 10:58) Posted: 3Y Heeton Holdings Ltd SGD Indicative Yield:6.25%pa Denomination: S$250,000 Remarks: Heeton recorded about EPS 3.8cents in last FY and likely to put more focus on overseas market. Heeton is trying to secure $100mio from this bond issue to fund the maturity and coupon payment of another $60mio tranche in Jun 2017 + working capital. At indicative yield of 6.25%, this issue is likely to give the third highest yielding coupon from a locally listed property company after Rowsley 6.25% and Tee Land 6.5% (not considering Banyan Tree 6.25% and Yanlord 6.2% which are due to mature next month). The cost of financing and placing this bonds will erode about 2.0cents per share in the first year and the bond is likely to be more illiquid than Oxley bonds.
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MarcPh Senior	28-Apr-2017 07:38        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	After a few months of talk, Banyan Tree confirmed the issue of a $24mio 4.5Y 3.5%pa convertible bond issue to Accor, including a board seat. The funds will be helpful towards the maturity of the 6.25% bonds which were not redeemed on 2015 first-call date.   Quote - Banyan Tree has a 6.250% bond that will fully mature next month. Banyan Tree shocked the investors when they failed to call it in 2015 (when SIBOR was very low) and continued to pay 6.25%pa. It wasn' t a huge amount just $50mio but it is a sign of distress and credit-negative decision. Following which, Banyan announced their heaviest loss in history (till 2015). Today, Banyan Tree bonds' are deemed riskier than Oxley. Banyan Tree' s 2020 bonds are trading at 8% below par while Oxley' s 2020 bonds are just 1% below par. MarcPh      ( Date: 24-Apr-2017 10:45) Posted: Very likely. According to the last announced results, they have S$4.9bio cash n cash equivalent. Although the bond' s step-up coupon (self-imposed penalty) will come in at 2022, failure to redeem on first opportuntity is a disappointment to creditors and it will increase the cost of financing in future. Eg. Banyan Tree has a 6.250% bond that will fully mature next month. Banyan Tree shocked the investors when they failed to call it in 2015 (when SIBOR was very low) and continued to pay 6.25%pa. It wasn' t a huge amount just $50mio but it is a sign of distress and credit-negative decision. Following which, Banyan announced their heaviest loss in history (till 2015). Today, Banyan Tree bonds' are deemed riskier than Oxley. Banyan Tree' s 2020 bonds are trading at 8% below par while Oxley' s 2020 bonds are just 1% below par. Therefore Genting will likely redeem the 5.125% perp bonds in October.
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MarcPh Senior	28-Apr-2017 07:25        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	Placement managers OCBC failed to place out targeted $100mio for Heeton. Final issue $75mio at 6.1% MarcPh      ( Date: 27-Apr-2017 10:58) Posted: 3Y Heeton Holdings Ltd SGD Indicative Yield:6.25%pa Denomination: S$250,000 Remarks: Heeton recorded about EPS 3.8cents in last FY and likely to put more focus on overseas market. Heeton is trying to secure $100mio from this bond issue to fund the maturity and coupon payment of another $60mio tranche in Jun 2017 + working capital. At indicative yield of 6.25%, this issue is likely to give the third highest yielding coupon from a locally listed property company after Rowsley 6.25% and Tee Land 6.5% (not considering Banyan Tree 6.25% and Yanlord 6.2% which are due to mature next month). The cost of financing and placing this bonds will erode about 2.0cents per share in the first year and the bond is likely to be more illiquid than Oxley bonds.
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MarcPh Senior	27-Apr-2017 10:58        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	3Y Heeton Holdings Ltd SGD Indicative Yield:6.25%pa Denomination: S$250,000 Remarks: Heeton recorded about EPS 3.8cents in last FY and likely to put more focus on overseas market. Heeton is trying to secure $100mio from this bond issue to fund the maturity and coupon payment of another $60mio tranche in Jun 2017 + working capital. At indicative yield of 6.25%, this issue is likely to give the third highest yielding coupon from a locally listed property company after Rowsley 6.25% and Tee Land 6.5% (not considering Banyan Tree 6.25% and Yanlord 6.2% which are due to mature next month). The cost of financing and placing this bonds will erode about 2.0cents per share in the first year and the bond is likely to be more illiquid than Oxley bonds.
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MarcPh Senior	25-Apr-2017 15:09        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	Bond Express offers a narrow selection of USD and SGD secondary bonds in small denominations (originally in US$200K or S$250K denominations): There are some simple sales charges (commission) for your trades. The bonds are not held in your name but in custodian accounts There are some platform fees
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john_ric Supreme	25-Apr-2017 12:25        john_ric About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://secure.fundsupermart.com/fsm/article/view/12186/FSMOne-Is-One-Bond-not-enough-Diversify-and-trade-bonds-in-small-lot-sizes-?locale=en_usNot many good-value   bonds available for retail investors. No new retail bonds for 2017 at all . Any one has experience to share about fundsupermart' s bond express? fundsupermart' s bond express?  https://secure.fundsupermart.com/fsm/article/view/12186/FSMOne-Is-One-Bond-not-enough-Diversify-and-trade-bonds-in-small-lot-sizes-?locale=en_us ===
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MarcPh Senior	25-Apr-2017 09:35        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	A Tale of Three Hyflux Perpetual Bonds / Preference Shares $300mio 5.75, Callable Jan 2017 - Redeemed $500mio 6%, Callable Apr 2018 $500mio 6% Callable May 2020 The above Hyflux perp bond prices crashed in 2016 due to the launch of 2020 bonds (oversupply). It also reflected the huge > $100mio annual losses in TuasSpring Project which is like a cancer ruining the whole body. It was only until the redemption of the 2017 bonds in Jan 2017, that we saw a recovery in 2018 and 2020 bond prices   Summary of Hyflux' s Strategies for the Immediate Future Disposal of loss-running TuasSpring power project - Yesterday' s announcement of appointment of bankers for TuasSpring Power Project disposal will be cheered by investors althought it might result in steep loss-recognition. Asset-Light - Hyflux continues to dispose stakes in matured project forprofit-recognition eg. Nantong NewSpring, Galaxy NewSpring recently. Stronger Cashflow - In the last announced results, Hyflux is sitting on over $300mio with $400mio assets held-for-sale and another $190mio which will be coming in 1H17 due to the disposal of their 50% stake in GalaxySpring project.   Probable Moves: Hyflux has a sound business model and income from municipal projects. Risk-takers could capitalize in the subdued share prices in the near future due to the potential write-offs in TuasSpring project. With a stronger cash pile, the risk-adversed can sleep well with the 2018 bonds which are likely redeemed on first-call date and offers an attractive return of 7%pa (till call-date) with neligible risk of coupon default. It is difficult for Hyflux to issue more perpetual bonds right now due to the crash caused by the 2016 oversupply (higher cost of pricing such instruments in the immediate future). Upon the redemption of 2018 bonds, scarcity of the remaining 2020 bonds could generate some additional capital gains and offers a 7%pa yield (till call-date) at current prices.
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MarcPh Senior	24-Apr-2017 11:09        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	The possible emergence of white knight for Ezra (likely to be subjected to Ezra bondholder' s debt restructuring approval) has given support to less-leveraged O& M issuers eg. Falcon has only $50mio secondary bonds issued and the rumour in O& M bottoming, has propelled Falcon' s bonds from 75-level to appx 95 within a month.  https://www.bondsupermart.com/main/bond-info/bond-factsheet/SG6SJ3000005 MarcPh      ( Date: 24-Apr-2017 10:54) Posted: Ezra in talks with potential investor pending announcement in May, but agreement will be subjected to Ezra bond investors' willingness to haircut. Potential investor is looking to capitalize on Rickmer' s recent collapse as a scare-tactic, to threaten them to restructure debts, before injecting funds to bail out the company. Be sure that the bondholders will be treated roughly if the proposed deal is announced.
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MarcPh Senior	24-Apr-2017 10:59        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	Nam Cheong down 15% following the announcement. They are supposed to handover > 50 vessels this year, but the company did not disclose how many vessels are on track to receive full-payment. A week ago, Macro Polo also announced some JV with Nam Cheong to handle some vessels built by Nam Cheong - http://splash247.com/marco-polo-looks-malaysian-jv-nam-cheong-find-work/ john_ric      ( Date: 24-Apr-2017 10:11) Posted: who dare to tough Nam C ' s bond?? courting death?
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MarcPh Senior	24-Apr-2017 10:54        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ezra in talks with potential investor pending announcement in May, but agreement will be subjected to Ezra bond investors' willingness to haircut. Potential investor is looking to capitalize on Rickmer' s recent collapse as a scare-tactic, to threaten them to restructure debts, before injecting funds to bail out the company. Be sure that the bondholders will be treated roughly if the proposed deal is announced.
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MarcPh Senior	24-Apr-2017 10:45        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	Very likely. According to the last announced results, they have S$4.9bio cash n cash equivalent. Although the bond' s step-up coupon (self-imposed penalty) will come in at 2022, failure to redeem on first opportuntity is a disappointment to creditors and it will increase the cost of financing in future. Eg. Banyan Tree has a 6.250% bond that will fully mature next month. Banyan Tree shocked the investors when they failed to call it in 2015 (when SIBOR was very low) and continued to pay 6.25%pa. It wasn' t a huge amount just $50mio but it is a sign of distress and credit-negative decision. Following which, Banyan announced their heaviest loss in history (till 2015). Today, Banyan Tree bonds' are deemed riskier than Oxley. Banyan Tree' s 2020 bonds are trading at 8% below par while Oxley' s 2020 bonds are just 1% below par. Therefore Genting will likely redeem the 5.125% perp bonds in October.
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john_ric Supreme	24-Apr-2017 10:15        john_ric About Contact  Quote this Post!
x 0   x 0  Alert Admin	Is genting sg to call its 5.125% perp bond this Oct??
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john_ric Supreme	24-Apr-2017 10:11        john_ric About Contact  Quote this Post!
x 0   x 0  Alert Admin	who dare to tough Nam C ' s bond?? courting death?
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MarcPh Senior	24-Apr-2017 08:53        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	Nam Cheong announced intention to restructure debts on Saturday/Sunday midnight but no tangible plans disclosed. http://infopub.sgx.com/FileOpen/Group%20Restructuring.ashx?App=Announcement& FileID=449569   Unsecured bonds due for maturity: NCLSP 5.000% 28Aug2017 - S$90mio (trading at appx 60% below par) NCLSP 6.500% 23Jul2018 - S$75mio (trading at appx 70% below par) NCLSP 5.050% 26Aug2019 - S$200mio (trading at appx 75% below par)   Current Market Cap - appx S$40mio MarcPh      ( Date: 14-Apr-2017 21:18) Posted: High Risk Offshore & Marine Companies - Nam Cheong Limited About $365mio of bonds issued in three tranches, trading at 60-80% discount to par. Strongly peddled by OCBC Private Banking two years ago (before oil weakness) in aftermarket trading due to expectations of over 50 vessels due for delivery in 2017/18.   Auditors cast going concern doubts on Nam Cheong http://www.seatrade-maritime.com/news/asia/auditors-cast-doubt-on-nam-cheong-s-going-concern.html
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MarcPh Senior	18-Apr-2017 08:44        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ezra Holdings bond holders are still unsure if their investments can be recovered despite the firm concluding an informal meeting with investors yesterday. Industry observers have said that a workable solution for Ezra would be for its creditors - both the banks and bond holders - to agree to various restructuring proposals, which could include deferring the repayment dates of liabilities, waiving some of the liabilities or converting part or all of them into equity. " A likely scenario, in our view, is that (Ezra' s) shareholders will get wiped out while creditors will swop for equity," said KGI Securities analyst Joel Ng, noting that similar developments are taking place at highly leveraged energy companies in the United States. http://www.straitstimes.com/business/companies-markets/ezra-updates-bond-holders-as-firm-seeks-rescue-solutions
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MarcPh Senior	14-Apr-2017 21:18        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	High Risk Offshore & Marine Companies - Nam Cheong Limited About $365mio of bonds issued in three tranches, trading at 60-80% discount to par. Strongly peddled by OCBC Private Banking two years ago (before oil weakness) in aftermarket trading due to expectations of over 50 vessels due for delivery in 2017/18.   Auditors cast going concern doubts on Nam Cheong http://www.seatrade-maritime.com/news/asia/auditors-cast-doubt-on-nam-cheong-s-going-concern.html
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MarcPh Senior	14-Apr-2017 21:04        MarcPh About Contact  Quote this Post!
x 0   x 0  Alert Admin	High Risk Offshore & Marine Companies - Marco Polo Marine Unable to repay the bonds after October 2016 maturity and restructured the bonds with new interests payout. Unfortunately, the company looks set to miss the first coupon payment after the restructuring.   Marco Polo proposes restructuring and refinancing, to miss bond interest payment http://www.seatrade-maritime.com/news/asia/marco-polo-proposes-restructuring-and-refinancing-to-miss-bond-interest-payment.html http://infopub.sgx.com/FileOpen/MPML%20Debt%20Restructuring.ashx?App=Announcement& FileID=448432           http://infopub.sgx.com/FileOpen/MPML%20Debt%20Restructuring.ashx?App=Announcement& FileID=448432
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