logo transparent gif
top_white_spacer
Home Latest Stock Forum Topics MyCorner - Personal Stocks Porfolio Stock Lists Investor Insights Investor Research & Links Dynamic Stock Charting FREE Registration About Us top spacer top spacer
 User Password Auto-Login
Enter Stock
 
righttip
branding

Back
First   < Newer   81-100 of 286   Older>   Last  
Latest Forum Topics / User Research/Opinions  Post Reply
Singapore Bonds
MarcPh
Senior
27-Jun-2017 18:12     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		Wait a minute 3.85%?
might as well go hide in City Development NCCP, giving 3.9cents per share (3.4% yield)
AND if City Development redeems, can enjoy bonus payouts (appx 90% capital gain at current conversion price).

Remarks: City Development NCCP has no fixed redemption dates. More suitable for estates, retirees and parents park children' s savings.

Have a good week ahead gentlemen!

MarcPh      ( Date: 27-Jun-2017 18:07) Posted:

Wah!!! 3.85% coupon for new Perennial bonds!
http://infopub.sgx.com/FileOpen/PREHL%203rd%20MTN%20Launch%20Annc%2027%20June%2017%20Final.pdf.ashx?App=Announcement& FileID=459084

Historical low coupon for Perennial. Ho Bee sure buay tahan and follow suit.

 

 Useful To Me  Not Useful To Me
MarcPh
Senior
27-Jun-2017 18:07     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		Wah!!! 3.85% coupon for new Perennial bonds!
http://infopub.sgx.com/FileOpen/PREHL%203rd%20MTN%20Launch%20Annc%2027%20June%2017%20Final.pdf.ashx?App=Announcement& FileID=459084

Historical low coupon for Perennial. Ho Bee sure buay tahan and follow suit.

 
 Useful To Me  Not Useful To Me


MarcPh
Senior
27-Jun-2017 17:03     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		Very smart move by Perennial to keep the issue size smaller (appx $100-120mio) today.
Doing so, they managed to crash the yield to sub-4%. Let' s see what' s the final number and issue size.

With a Sub-4% coupon, Perennial is gonna join the league of Guocoland and Wing Tai. Just one notch below City Development and Capitaland.
Well done guys!

MarcPh      ( Date: 27-Jun-2017 09:51) Posted:

An active bond issuer Perennial is back in the bond market!

Indicative yield is low-4% for their new 3Y bonds. Coupon is marginally higher than their current 2020 retail bonds. Not much push-factor for retail investors, as they can get net yield of appx 4% from the 2020 retail bonds from the market in smaller denominations. However, 3Y is just nice for most Accredited Investors who buys with leverage (shorter maturity than perp bonds)

I was expecting Perennial to issue longer-dated perp bonds to lock-in the current low interest-rates.
 

 Useful To Me  Not Useful To Me
MarcPh
Senior
27-Jun-2017 16:59     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		Noble Group declines as Fitch sees real possibility of default
http://www.businesstimes.com.sg/companies-markets/noble-group-declines-as-fitch-sees-real-possibility-of-default

In the eyes of investors and banks, last week' s announcement pertaining defaulting on the perp bond is a massive negative credit event.
Even strong commodity house are retrenching in Singapore this year, without compensation.

But guess what? the bond prices recovered slightly this week as this possibility has been priced in. The share just dropped a bit AND a way higher than a few weeks ago. I guess Noble' s investors need some closure to move on. Hope Noble secure a good price for their North American oil assets/pipes.



 
 Useful To Me  Not Useful To Me
MarcPh
Senior
27-Jun-2017 09:51     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		An active bond issuer Perennial is back in the bond market!

Indicative yield is low-4% for their new 3Y bonds. Coupon is marginally higher than their current 2020 retail bonds. Not much push-factor for retail investors, as they can get net yield of appx 4% from the 2020 retail bonds from the market in smaller denominations. However, 3Y is just nice for most Accredited Investors who buys with leverage (shorter maturity than perp bonds)

I was expecting Perennial to issue longer-dated perp bonds to lock-in the current low interest-rates.
 
 Useful To Me  Not Useful To Me


MarcPh
Senior
27-Jun-2017 07:23     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		According to this morning' s announcement, the retap increased the total issue size is US$355mio, cost of financingfor Oxley is estimated to erode EPS by 1.0x cents per ordinary share annually.

MarcPh      ( Date: 23-Jun-2017 11:45) Posted:

Oh! Oxley trying to retap for another time for the same USD 6.375% bond today.
Current issue size US$300mio

Earlier comments on this issue
- According the last financial report, Oxley' s total borrowings & debts is $2.38bio, of which about $928mio is due within 12 months,
- Total Equity is $1.08bio and development properties held in balance sheet is valued at $1.924bio. Others include investment properties and company facilities (properties & plants)
- Going forward, we cannot assume the property-based assets in balance sheet will not face any write-down or FX adjustment against SGD.

 

MarcPh      ( Date: 08-May-2017 10:31) Posted:



Although the 6.375% coupon is the highest-yielding ever secondary market bond issued by Oxley, Oxley launched a retap of the same issue (The bonds are issued at their original face value, maturity and coupon rate) this morning. So long bondholders are willing to lend them money, they will take it.

Looks like they have limited options of financing at sub 6.375% level right now.


 Useful To Me  Not Useful To Me
MarcPh
Senior
23-Jun-2017 16:48     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		OCC is a finance subsidiary of OCBC bank, used for capital-raising purposes.

This is a very safe issue. Unlike newer Additional Tier-1 bonds from bank, OCC 5.1% does not loss-absorption feature. Technically, AT1 bonds from banks risked being converted to equities are high-prices when a bank' s capital adequacy ratio (CAR) falls below certain level, resulting in massive losses. If you have it, please consider holding it till maturity or offload it for additional 3-3.5% capital gain + accrued interests.

If you don' t have it, maybe give it a miss as the net yield is less than 1.5 to 2%pa now because it is likely to be recalled 14 months later. Recent local banks and blue-chips launches perp bonds at 4% range, and OCBC will likely recall it on the coupon reset date on August 2018 as a sign of financial strength. (Failure to recall on coupon reset dates might destroy OCBC' s creditability)

For 1.5 to 2%pa yield before commission, maybe just lock the money in Maybank' s 18-mth fixed deposits promo at 1.45%pa.
 

john_ric      ( Date: 23-Jun-2017 16:30) Posted:

any comments on occ     5.1% ncps???........

​ occ = ocbc??
 Useful To Me  Not Useful To Me
john_ric
Supreme
23-Jun-2017 16:30     
 
john_ric About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		any comments on occ     5.1% ncps???........

​ occ = ocbc??
 Useful To Me  Not Useful To Me


MarcPh
Senior
23-Jun-2017 11:45     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		Oh! Oxley trying to retap for another time for the same USD 6.375% bond today.
Current issue size US$300mio

Earlier comments on this issue
- According the last financial report, Oxley' s total borrowings & debts is $2.38bio, of which about $928mio is due within 12 months,
- Total Equity is $1.08bio and development properties held in balance sheet is valued at $1.924bio. Others include investment properties and company facilities (properties & plants)
- Going forward, we cannot assume the property-based assets in balance sheet will not face any write-down or FX adjustment against SGD.

 

MarcPh      ( Date: 08-May-2017 10:31) Posted:



Although the 6.375% coupon is the highest-yielding ever secondary market bond issued by Oxley, Oxley launched a retap of the same issue (The bonds are issued at their original face value, maturity and coupon rate) this morning. So long bondholders are willing to lend them money, they will take it.

Looks like they have limited options of financing at sub 6.375% level right now.

MarcPh      ( Date: 13-Apr-2017 14:57) Posted:



Oxley placed out US$200mio of 4Y 6.375% bond.

The cost of placing and financing this additional new bond might slightly exceed S$18mio a year which is about 0.6 cents shares.


 Useful To Me  Not Useful To Me
MarcPh
Senior
22-Jun-2017 14:35     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		paiseh, post it here more relevant

A perpetual 4D ticket... ...Pay Once and bet until you win.


Background
I was looking at properties and realized that I do not have enough money and current rental yields is less than 3%pa or less than 1%pa if you include bank loan interest, maintenance and depreciation. In the midst of research, I found a substitute that requires a smaller quantum and offers the same benefits and regular income stream like property.

PS: Of course buying a property is good for long-term capital appreciation, eg. 100% in 10-20 years. I am not telling you not to buy properties. But this substitute appears to be very suitable for your kids or seniors in your family to park their savings.                             


City Development Preference Shares (Retail) CityDev NCCPS
It was issued about 14 years ago. City Dev issued it to utilize some tax-credits. THERE IS NO REDEMPTION DATE for this Preference Share, not even a call-date (to redeem). This preference share will might never be redeemed.
Then what is the catch?                                             


Benefits
For every share, it gives 3.9 cents annually:
  • If it never redeems, this is a good income for CPF-OA account (only 2.5% return).
  • It is good for my children savings (only 0.1% from POSB).
  • It is good for retirement (City Development is reliable). The current price is $1.12-$1.14, with a 3.9 cents payout annually, the yield is about 3.5%pa.                                             
If the company triggers the redemption (tomorrow, next month, next year or next decade), the payout is $0.64 per share + 0.136 of City Development& rsquo s ordinary share.
  • City Development ordinary share is worth about $11 now, so any redemption NOW will see a $2.13 payout (100% gain)
  • If City Development ordinary share crashed to $3.50 (Armageddon), the redemption payout will be $1.12 (current cost). You can probably buy a lot of blue-chips cheaply with the payout when City Development crashes to $3.50.                                             
Over $330mio of this preference shares was issued. Today, it is widely held by estates, rich people, retirees. Think of it this way, this preference share is like a property with a hassle-free + tax-free rental income of 3.5%pa with an EN-BLOC potential of 100% payout gain.
This is easier than buying a property.                                             


Frequently Asked Questions
1: What if City Development redeems their preference shares at current level?
  Congrats, it is a windfall.       

2. What if City Development redeems their preference shares when their ordinary shares crashed?
  If City Development ordinary shares crashed to $3.50 or below during a recession, I think a lot of blue-chips will be priced at a small-fraction of today' s value. The money from redemption payment can be used to buy other blue-chips eg. Banks, cheaply.                                             

3: What if City Development never redeem their preference shares?
- It is still a good 3.5% tax-free income (comparable with rental incomes).
- In 2007, the company hinted about the redemption and the preference share shot up to $2.
- In 2012, the company hinted about redemption and the preference share shot up to almost $1.20.
- There are always chances to sell for a decent profit even without redemption.
- The historical low is $0.80 (for only a few days). 80% of the time, this share trades at appx $1.10 level and 10-15% of the time, it trades higher than that. (Offering a profitable exit before redemption)                                             


Pros:
- Tax-free regular income and hassle-free with potential capital gains when redeemed
- Investment grade company like our local banks, safer than Capitaland
- Better than insurance. Bonus payouts for insurance happens only with our death, and we don& rsquo t need to bet our lives to enjoy a bonus payout.
- This is the only financial instrument of such nature in Singapore from a reputable issuer. Most people or estates, just buy and keep with their spare cash.


Cons:
- City Development might never redeem it (forever)
- City Development might default on the coupon (non-cumulative) but the cost of paying the interests annually is less than $13mio (chicken-feet) for City Dev. If they cannot pay preference shares dividend, all dividends for ordinary shares will automatically cease for that year.
- There are only small quantity available for sale daily (good sign), you have to accumulate this counter slowly.
- If you need the money urgently (to cash out), you might lose a bit of capital (or make a tiny bit).                                             

DISCLAIMER:
Lose money don' t blame me. I am not financially trained, broke and don' t even have a bachelor' s degree. 
LOL I intend to cheat my Mother-in-law money into this counter and park my kids' s savings there

Give your kids this perpetual 4D ticket.

MarcPh      ( Date: 19-Jun-2017 17:42) Posted:

Hi John,

Once a upon a time, HDB bonds used to yield 3-4%pa*. So there was a retail market for HDB or JTC bonds 15-20 years ago. These days, bond-yields had dropped so much that financial institutions (insurers and banks) are the main buyers of HDB bonds. These bonds are usually rated AAA, just like Nowegian or Singapore govt bonds and being a " technically loss-making" on paper, HDB bond offers 25-30bp more than other AAA issues. Under BASEL III framework, such AAA bonds are considerd high-quality liquid asset for their liquidity ratio coverage. http://www.bis.org/publ/bcbs238.pdf

Yes, HDB bonds ain' t really for the man on the street or even the rich individuals. Of course, if you love speculating, I heard of rich people who got 100% leverage for HDB bonds (buying an insurance policy as collateral) and just betting on the difference between cost-of-financing (SOR) and the HDB bond coupon. SOR was negative 1-2 years ago.

*I recommended something of 3-4% yield in another thread on 16th June. HDB is just 2.2%pa for 10-15 years.
http://sharejunction.com/sharejunction/listMessage.htm?directAccessMessageID=1382189
 

john_ric      ( Date: 19-Jun-2017 16:59) Posted:

why are ppl buying so low yied  bonds? for example HDB 1.47%.
 Useful To Me  Not Useful To Me
MarcPh
Senior
22-Jun-2017 14:26     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		Double-confirmed that Asian High-Yield Bond market is recovering.

Kaisa sank the Chinese bond markets just a year ago and now back to tap the market with various 7-9% yield bond issues.
 Useful To Me  Not Useful To Me
MarcPh
Senior
20-Jun-2017 14:21     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		BREAKING NEWS:
The trust is broken, Noble defaulted on US$12mio perp bonds coupon payment. They know the rules of the game they had lost their credibility to issue unsecured debts in the forseeable future. The much-awaited bond consent solicitation didn' t happen and they just default. Now, there are more coupons due for Noble' s plain vanilla bonds in July.
 

The decision to defer payment of the coupon on its US$400 million perpetual securities, due June 26, worried investors, who said the failure to pay US$12 million sent a negative signal and suggested lenders may have asked the group to defer payment where possible. Shares slipped after a sharp rise on Monday.

" While non payment of the perpetual bond coupon will not trigger a default event, it is a further hit to the company' s reputation. This is hurting investor confidence," said one Hong Kong-based analyst, who declined to be named.

http://www.businesstimes.com.sg/companies-markets/indebted-noble-confirms-bank-loan-relief-but-skips-coupon-payment
 Useful To Me  Not Useful To Me


MarcPh
Senior
20-Jun-2017 12:34     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		Nam Cheong Trading Halt but strictly speaking, the announcement don' t apply to the 3 Nam Cheong Bonds
  • $90mio due 28Aug2017 Corp
  • $75mio due 23Jul2018 Corp
  • $200mio due 26Aug2019 Corp
 Useful To Me  Not Useful To Me
MarcPh
Senior
20-Jun-2017 09:57     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		Quick Take on latest Wing Tai Perp bonds (indicative yield 4.35%, probably priced near 4.0%)

In comparison, Wing Tai 2022 Bonds (5 more years) has a yield of appx 3.5%pa now. (plain vanilla bonds, not Perp)

If you love the new Wing Tai perp bonds, you may wish to tell your RM or central dealer that you will not subscribe for it if the coupon is less than 4.0%.
Otherwise you feel like a stupid, getting just 0.5% for all the (low) risk of holding a perp issue instead of plain vanilla bond from Wing Tai.
 
 Useful To Me  Not Useful To Me
MarcPh
Senior
20-Jun-2017 09:52     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		New Bond Issue

Wing Tai Perp Bonds (Perpetual!!! Not again surprise )

Indicative: 4.35% (expect priced closer to 4%).

Cumuluative, Coupon Reset and Callable in Year 5, Coupon Step up in Year 10
 Useful To Me  Not Useful To Me
MarcPh
Senior
19-Jun-2017 17:42     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		Hi John,

Once a upon a time, HDB bonds used to yield 3-4%pa*. So there was a retail market for HDB or JTC bonds 15-20 years ago. These days, bond-yields had dropped so much that financial institutions (insurers and banks) are the main buyers of HDB bonds. These bonds are usually rated AAA, just like Nowegian or Singapore govt bonds and being a " technically loss-making" on paper, HDB bond offers 25-30bp more than other AAA issues. Under BASEL III framework, such AAA bonds are considerd high-quality liquid asset for their liquidity ratio coverage. http://www.bis.org/publ/bcbs238.pdf

Yes, HDB bonds ain' t really for the man on the street or even the rich individuals. Of course, if you love speculating, I heard of rich people who got 100% leverage for HDB bonds (buying an insurance policy as collateral) and just betting on the difference between cost-of-financing (SOR) and the HDB bond coupon. SOR was negative 1-2 years ago.

*I recommended something of 3-4% yield in another thread on 16th June. HDB is just 2.2%pa for 10-15 years.
http://sharejunction.com/sharejunction/listMessage.htm?directAccessMessageID=1382189
 

john_ric      ( Date: 19-Jun-2017 16:59) Posted:

why are ppl buying so low yied  bonds? for example HDB 1.47%.
 Useful To Me  Not Useful To Me
john_ric
Supreme
19-Jun-2017 16:59     
 
john_ric About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		why are ppl buying so low yied  bonds? for example HDB 1.47%.
 Useful To Me  Not Useful To Me
MarcPh
Senior
16-Jun-2017 11:05     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		hahaha, business times also confirmed that bond rally is back

http://www.businesstimes.com.sg/banking-finance/sgd-bonds-rally-key-interest-rates-fall-after-fed-rate-hike

MarcPh      ( Date: 15-Jun-2017 10:56) Posted:

  • Sembcorp priced their new perp bonds at 3.7%.
  • European banks price their SGD AT1 Perps coupons lower than USD.
  • Perps from our blue chips are giving < 4% yields now!!!
6% is a luxury now and SGD offers one of the lowest cost of financing in the world now.  Bond Rally is back!
 

 Useful To Me  Not Useful To Me
MarcPh
Senior
15-Jun-2017 10:56     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin
  • Sembcorp priced their new perp bonds at 3.7%.
  • European banks price their SGD AT1 Perps coupons lower than USD.
  • Perps from our blue chips are giving < 4% yields now!!!
6% is a luxury now and SGD offers one of the lowest cost of financing in the world now.  Bond Rally is back!
 
 Useful To Me  Not Useful To Me
MarcPh
Senior
14-Jun-2017 23:32     
 
MarcPh About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		The article appears to be right that the company is seeking maturity extension to buy time - Speculating 5o dispose majority stake in CH Offshore. The Consent Solicitation Exercise will also seek waives on financial covenants.

 

MarcPh      ( Date: 14-Jun-2017 14:51) Posted:

Taking clue from this week' s drop in CH Offshore share price and recovery in Falcon' s share price... ...

This rumour might be true:
Falcon Energy calling for a bond holders meeting on the 14th of June which may or may not result in buying some time for the company to dispose of its majority stake in Chuan Hup Offshore, the only, disputably, &ldquo debt-free&rdquo mainboard listed O& G company in Singapore. https://tradehaven.net/2017/06/12/singapore-bonds-fact-checking-the-news/

 

 Useful To Me  Not Useful To Me
                                                         First   < Newer   81-100 of 286   Older>   Last  



ShareJunction Version: 27 Nov 2020 ver- All Rights Reserved. Copyright ShareJunction Pte. Ltd. Disclaimer: All prices from are delayed. ShareJunction does not provide you with any financial advice. We are not into the business of providing any investment advice. See our Terms and Conditions and Privacy Policy of using this website. Data is delayed for varying periods of time depending on the exchange, but for at least 15 minutes. Copyright © SIX Financial Information Ltd. and its licensors. All Rights reserved. Further distribution and use by third parties prohibited. SIX Financial Information and its licensors make no warranty for information displayed and accept no liability for data and prices. SIX Financial Information reserves the right to adapt and/or alter this website at any time without prior notice.

Web design by FoundationFlux. Hosted with Signetique Cloud.