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Singapore Bonds

hyflux perp bonds - red flag raised??
hyflux did not pay its interim dividend for ordinery shares!!
 

 

olam  issues debt again...
ISSUE OF US$50,000,000 3.65% FIXED RATE SENIOR UNSECURED NOTES DUE 2022//

...wonder why it needs to borrow so much.

​ ... big boss can buy merce again.

.

 

Will PACC Offshore Services or Quek Leng Chan emerge as white knight for Ezion if banks and bondholders accepts equity-for-debt swap?

CIMB Analysts expressed the bewildered general market sentiments about Ezion (OCBC ceased coverage), are they trying to rip off creditors?
Quek Leng Chan is a better businessman than Quek Leng Beng, the debt-restructuring of Ezion will translate to over > 90% loss on his stake.
Is he plotting something?

 

Ezion has always been the stalwart of the Singapore O& G space, with clear backing by Singapore&rsquo s largest bank, DBS, which backed them up 2 years ago in 2015 with a " committed funding backed facility" for their last bond issue, giving them some street cred with the market &ndash that the company would weather the storm that did indeed hit the bond markets with the high profile defaults to hit Singapore&rsquo s shores.

Comments like, " I am in a daze&hellip Just wondering why they are doing restructuring now when the next bond maturity is one year away .. they were still generating positive cashflow&hellip DBS was actually recommending buy on my bond 2 weeks back" , flood in from friends and investors.

It is no surprise that Ezion would be on the " approved list" of many a PFS advisory desk which is basically a blanket approval for marketing to the lesser-than-private bank client, as we have been advised by friends in 2 local banks.

The " Chao Kuan" award should go to Swissco chairman for allegedly yelling at an investor during restructuring talks, " You can walk out of here, you won' t get a cent back" , with 5 Cisco guards on his side. If it is true, of course. What little recourse do bond investors have in the face of all this?

Source: http://www.hnworth.com/article/2017/08/14/the-great-singapore-bond-market-bail-in-ezion-holdings-and-gang

MarcPh      ( Date: 14-Aug-2017 10:57) Posted: With Ezion' s collapse, IE Singapore is now being blamed for failing to do more for our Offshore and Marine sector. Their International Finance Scheme initative to save our offshore and marine companies was half-hearted and didn' t work. Ezion collapse is the last straw and Noble is still struggling. Like the distressed companies in trouble, Market whisper: IE will also be going for restructuring soon. MarcPh      ( Date: 20-May-2017 12:29) Posted: market whisper: Little progress in talks between bankers and Noble Group till this weekend after IE Singapore' s intervention

 

MAS regulators probably waiting to buy landed properties from the bond investors. Must share this part..........
Source: http://www.hnworth.com/article/2017/08/14/the-great-singapore-bond-market-bail-in-ezion-holdings-and-gang

Ezion has always been the stalwart of the Singapore O& G space, with clear backing by Singapore&rsquo s largest bank, DBS, which backed them up 2 years ago in 2015 with a &ldquo committed funding backed facility&rdquo for their last bond issue, giving them some street cred with the market &ndash that the company would weather the storm that did indeed hit the bond markets with the high profile defaults to hit Singapore&rsquo s shores.

Comments like, &ldquo I am in a daze&hellip Just wondering why they are doing restructuring now when the next bond maturity is one year away .. they were still generating positive cashflow&hellip DBS was actually recommending buy on my bond 2 weeks back&rdquo , flood in from friends and investors.

It is no surprise that Ezion would be on the &ldquo approved list&rdquo of many a PFS advisory desk which is basically a blanket approval for marketing to the lesser-than-private bank client, as we have been advised by friends in 2 local banks.

The &ldquo Chao Kuan&rdquo award should go to Swissco chairman for allegedly yelling at an investor during restructuring talks, &ldquo You can walk out of here, you won&rsquo t get a cent back&rdquo , with 5 Cisco guards on his side. If it is true, of course. What little recourse do bond investors have in the face of all this?


 

MarcPh      ( Date: 14-Aug-2017 10:57) Posted: With Ezion' s collapse, IE Singapore is now being blamed for failing to do more for our Offshore and Marine sector. Their International Finance Scheme initative to save our offshore and marine companies was half-hearted and didn' t work. Ezion collapse is the last straw and Noble is still struggling. Like the distressed companies in trouble, Market whisper: IE will also be going for restructuring soon. MarcPh      ( Date: 20-May-2017 12:29) Posted: market whisper: Little progress in talks between bankers and Noble Group till this weekend after IE Singapore' s intervention

 

Update:

•       Noble downgraded again
•       IE expected to disappear for incompetence to performance during times of crisis.
•       MAS spared.

Bonds defaulted in 2016/17:  S$1.375bio
Restructed: S$0.53bio
Pending Restructuring: S$1.216bio
Threading - Noble Group: est.S$3.78bio
Total: $3.12bio + $3.78bio (almost $6.9bio)



 

 

According to this great write-up:
http://www.hnworth.com/article/2017/08/14/the-great-singapore-bond-market-bail-in-ezion-holdings-and-gang

These are the bonds defaulted in 2016/17:  S$1.375bio


Restructed: S$0.53bio


Pending Restructuring: S$1.216bio


Threading - Noble Group: est.S$3.78bio

• US$400mio Mar 2018
• US$400mio Perp
• US$1.25bio Jan 2020
• US$750mio Mar 2022

 

 

singapore' s retail bonds rates are reasonable from 3.08% (capital mall trust 3.08)  to 6% hyfluy perp.  
​ all higher than cpf ord and bank fixed dep.


.

MarcPh      ( Date: 14-Aug-2017 12:42) Posted: The last one I read about is World Bank. But I think the yield will be very low.   john_ric      ( Date: 14-Aug-2017 12:36) Posted: wonder when companies will sell next retail bond. ​ corporate bonds of 250,000 sgd are just too risky to buy. .

 

This is no a cancer type of problem which affects people but separately.   It is more of an epidemic problem liao and they required different treatment.

MarcPh      ( Date: 14-Aug-2017 12:17) Posted: Ha but this is very typical reply from civil servants right? By the same logic, hospitals need not bother with cancer patients anymore right?   Doctors have a tougher time fighting to save cancer patients it takes extra efforts for IE staff if to help those companies in troubles. Of course, it is always easier to dismiss cancer patients as a waste of healthcare resources. sheerluck      ( Date: 14-Aug-2017 11:19) Posted: Shouldn' t blame IE for failing to do more but instead for even trying at all.   There is no way IE can help these over leverage companies.   All those taxpayers money are just going to be wasted.

 

The last one I read about is World Bank.
But I think the yield will be very low.
 

john_ric      ( Date: 14-Aug-2017 12:36) Posted: wonder when companies will sell next retail bond. ​ corporate bonds of 250,000 sgd are just too risky to buy. .

 

wonder when companies will sell next retail bond.

​ corporate bonds of 250,000 sgd are just too risky to buy.


.

 

Ha but this is very typical reply from civil servants right?
By the same logic, hospitals need not bother with cancer patients anymore right?
 
Doctors have a tougher time fighting to save cancer patients it takes extra efforts for IE staff if to help those companies in troubles.
Of course, it is always easier to dismiss cancer patients as a waste of healthcare resources.

sheerluck      ( Date: 14-Aug-2017 11:19) Posted: Shouldn' t blame IE for failing to do more but instead for even trying at all.   There is no way IE can help these over leverage companies.   All those taxpayers money are just going to be wasted.   MarcPh      ( Date: 14-Aug-2017 10:57) Posted: With Ezion' s collapse, IE Singapore is now being blamed for failing to do more for our Offshore and Marine sector. Their International Finance Scheme initative to save our offshore and marine companies was half-hearted and didn' t work. Ezion collapse is the last straw and Noble is still struggling. Like the distressed companies in trouble, Market whisper: IE will also be going for restructuring soon.

 

Shouldn' t blame IE for failing to do more but instead for even trying at all.   There is no way IE can help these over leverage companies.   All those taxpayers money are just going to be wasted.  

MarcPh      ( Date: 14-Aug-2017 10:57) Posted: With Ezion' s collapse, IE Singapore is now being blamed for failing to do more for our Offshore and Marine sector. Their International Finance Scheme initative to save our offshore and marine companies was half-hearted and didn' t work. Ezion collapse is the last straw and Noble is still struggling. Like the distressed companies in trouble, Market whisper: IE will also be going for restructuring soon. MarcPh      ( Date: 20-May-2017 12:29) Posted: market whisper: Little progress in talks between bankers and Noble Group till this weekend after IE Singapore' s intervention

 

distressed properties i dare  buy.  distressed company shares i dont  dare.

 

With Ezion' s collapse, IE Singapore is now being blamed for failing to do more for our Offshore and Marine sector. Their International Finance Scheme initative to save our offshore and marine companies was half-hearted and didn' t work. Ezion collapse is the last straw and Noble is still struggling.

Like the distressed companies in trouble,
Market whisper: IE will also be going for restructuring soon.

MarcPh      ( Date: 20-May-2017 12:29) Posted: market whisper: Little progress in talks between bankers and Noble Group till this weekend after IE Singapore' s intervention. MarcPh      ( Date: 16-May-2017 11:32) Posted: Moody' s downgrades Noble Group' s ratings to Caa1 outlook negative https://www.moodys.com/research/Moodys-downgrades-Noble-Groups-ratings-to-Caa1-outlook-negative--PR_366630 Noble' s liquidity headroom &mdash including readily available cash and unutilized committed facilities &mdash was at $2.4 billion at end-1Q 2017 compared with $2.0 billion at end-2016, helped by the issuance of a $750 million, five-year senior unsecured bond in March. However, after paying down $650 million in bank debt and the maturity of a revolving credit facility in early May 2017, the headroom would have narrowed to $1.2 billion and become insufficient to cover the $2.1 billion in debt due for the rest of 2017 and 1H 2018. Moody' s expects that the company will not return to profitability this year and EBITDA will be at depressed levels. As a result, Noble' s adjusted net debt/EBITDA should be above 10x over the next 12 months when compared with the 7.6x registered in 2016. Likewise, its adjusted EBITDA/interest should decrease to below 1.0x from 1.6x in 2016.Noble' s senior unsecured ratings are not notched down for legal subordination, as secured debt totaling $721 million remained below 15% of total reported debt at end-March 2017. The negative outlook on the ratings reflects the company' s weak liquidity over the next 12 months and significant uncertainty around its ability to rebuild and reposition its operations to improve profitability and cash flow.

 

Ezion is now suspended.

Now the rumours appeared to make sense. Ezion will probably be the healthiest company to go bust ever in Singapore - over S$126mio cash in hand, loss per share is just 0.3 US cents in last quarter.

MarcPh      ( Date: 12-Aug-2017 10:41) Posted: Market whispered that Ezion has forced to enter debt-restructuring when a single no-ball bank threatened to withdraw facilities and demanded immediate payment.  Ezion is the bestest local O& G company we have around. If Noble can still survive, there is no reason that Ezion can' t meet her debt interests-repayment within the next 15 months. We just need a no-ball bank to start a crash on the creditibility of Ezion, Noble and likes. Policymakers should stop hiding in their offices. Singapore should recognize that we are WORST bond market in the world in the past 12 months. No other country, including third-world country are sitting on such massive amount of doubtful corporate debts within such a short time-frame. Do they really think that the S$4bio (by my personal estimate) of defaulted and upcoming-doubtful bonds has no percussion to our economy? Singapore had refused to act on many occassions to shore up confidence and ignore the regulation of rouge bond issues (including the US$750mio Noble 2022 bonds) by investment banks. MarcPh      ( Date: 11-Aug-2017 15:21) Posted: The real figure will soon exceed $4bio, if you include Noble, Ezion and other pending-restructuring. Eight times larger than Minibonds saga

 

Ezion just released results this morning.

Now the rumours appeared to make sense. Ezion will probably be the healthiest company to go bust ever in Singapore - over S$126mio cash in hand, loss per share is just 0.3 US cents.

famouspinky      ( Date: 12-Aug-2017 16:14) Posted: Gd analysis MarcPh      ( Date: 12-Aug-2017 10:41) Posted: Market whispered that Ezion has forced to enter debt-restructuring when a single no-ball bank threatened to withdraw facilities and demanded immediate payment.  Ezion is the bestest local O& G company we have around. If Noble can still survive, there is no reason that Ezion can' t meet her debt interests-repayment within the next 15 months. We just need a no-ball bank to start a crash on the creditibility of Ezion, Noble and likes. Policymakers should stop hiding in their offices. Singapore should recognize that we are WORST bond market in the world in the past 12 months. No other country, including third-world country are sitting on such massive amount of doubtful corporate debts within such a short time-frame. Do they really think that the S$4bio (by my personal estimate) of defaulted and upcoming-doubtful bonds has no percussion to our economy? Singapore had refused to act on many occassions to shore up confidence and ignore the regulation of rouge bond issues (including the US$750mio Noble 2022 bonds) by investment banks

 

hahaha, so i supposed those civil servants in MAS waiting to buy cheap landed properties from the individuals who lost their fortune in these bonds.

Have a good weekend jm!

jm2212      ( Date: 12-Aug-2017 16:21) Posted: My guess is that this time round the so called victims are the wealth off lot (these bonds are all min $250k/lot), hence gov didn't intervene and our banks as usual want to play safe and rather write off as bad debts instead of extending further credits MarcPh      ( Date: 12-Aug-2017 10:41) Posted: Market whispered that Ezion has forced to enter debt-restructuring when a single no-ball bank threatened to withdraw facilities and demanded immediate payment.  Ezion is the bestest local O& G company we have around. If Noble can still survive, there is no reason that Ezion can' t meet her debt interests-repayment within the next 15 months. We just need a no-ball bank to start a crash on the creditibility of Ezion, Noble and likes. Policymakers should stop hiding in their offices. Singapore should recognize that we are WORST bond market in the world in the past 12 months. No other country, including third-world country are sitting on such massive amount of doubtful corporate debts within such a short time-frame. Do they really think that the S$4bio (by my personal estimate) of defaulted and upcoming-doubtful bonds has no percussion to our economy? Singapore had refused to act on many occassions to shore up confidence and ignore the regulation of rouge bond issues (including the US$750mio Noble 2022 bonds) by investment banks

 

My guess is that this time round the so called victims are the wealth off lot (these bonds are all min $250k/lot), hence gov didn't intervene and our banks as usual want to play safe and rather write off as bad debts instead of extending further credits

MarcPh      ( Date: 12-Aug-2017 10:41) Posted: Market whispered that Ezion has forced to enter debt-restructuring when a single no-ball bank threatened to withdraw facilities and demanded immediate payment.  Ezion is the bestest local O& G company we have around. If Noble can still survive, there is no reason that Ezion can' t meet her debt interests-repayment within the next 15 months. We just need a no-ball bank to start a crash on the creditibility of Ezion, Noble and likes. Policymakers should stop hiding in their offices. Singapore should recognize that we are WORST bond market in the world in the past 12 months. No other country, including third-world country are sitting on such massive amount of doubtful corporate debts within such a short time-frame. Do they really think that the S$4bio (by my personal estimate) of defaulted and upcoming-doubtful bonds has no percussion to our economy? Singapore had refused to act on many occassions to shore up confidence and ignore the regulation of rouge bond issues (including the US$750mio Noble 2022 bonds) by investment banks. MarcPh      ( Date: 11-Aug-2017 15:21) Posted: The real figure will soon exceed $4bio, if you include Noble, Ezion and other pending-restructuring. Eight times larger than Minibonds saga

 

Gd analysis

MarcPh      ( Date: 12-Aug-2017 10:41) Posted: Market whispered that Ezion has forced to enter debt-restructuring when a single no-ball bank threatened to withdraw facilities and demanded immediate payment.  Ezion is the bestest local O& G company we have around. If Noble can still survive, there is no reason that Ezion can' t meet her debt interests-repayment within the next 15 months. We just need a no-ball bank to start a crash on the creditibility of Ezion, Noble and likes. Policymakers should stop hiding in their offices. Singapore should recognize that we are WORST bond market in the world in the past 12 months. No other country, including third-world country are sitting on such massive amount of doubtful corporate debts within such a short time-frame. Do they really think that the S$4bio (by my personal estimate) of defaulted and upcoming-doubtful bonds has no percussion to our economy? Singapore had refused to act on many occassions to shore up confidence and ignore the regulation of rouge bond issues (including the US$750mio Noble 2022 bonds) by investment banks. MarcPh      ( Date: 11-Aug-2017 15:21) Posted: The real figure will soon exceed $4bio, if you include Noble, Ezion and other pending-restructuring. Eight times larger than Minibonds saga