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Hong Kong, Singapore wealth managers may have to disclose fund fees
Defaults of some illiquid, high-yielding bonds in Singapore last year also cast the spotlight on the role of wealth managers in " pushing" the products, the sources said.
Clients of wealth managers, however, back the proposed changes. " Since the Lehman mini-bond debacle, wealth managers have become more careful of stuffing unwanted products down clients' throats for fees and this new push to transparency is welcome," said a client of a European private bank in Hong Kong.
Source: http://www.straitstimes.com/business/hong-kong-singapore-wealth-managers-may-have-to-disclose-fund-fees
10Y F& N Treasury Pte. Ltd. (Fraser and Neave) SGD
Yield: 3.8%pa
Denomination: S$250,000
Remarks: While F& N is a reputable company, 3.8%pa till 2027 could be a little too low and F& N' s group of companies had been very aggressive in the tapping the bond market since the Thai owner took over. Related company FCL has another plain vanilla 4.15%-bond due 2027, at 100.5 which gives about 4% yield. Overall pricing is fair but not intriguing this bond is more suited for insurers, rather than individual investors. https://www.bondsupermart.com/main/bond-info/bond-factsheet/AM5408977
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.
- 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: 12-Apr-2017 09:25) Posted:
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Nuoxi Capital Limited (Peking University Founder Group) &ndash USD
Indicative Yield: 5%pa
Denomination: US$200,000
Remarks: Many RMs are likely to peddle this bond by linking it&rsquo s bloodline with Peking University. However, unlike our safer NUS 2% bonds, Nuoxi Capital is an financing arm of Peking University&rsquo s business division with Founder Group. Peking University Founder Group is technically a private company and rumoured to have billions in debt burden in recent years. http://www.globaltimes.cn/content/898157.shtml
Oxley MTN Pte Ltd (Oxley Holdings Limited) &ndash USD
Indicative Yield: 6.5%pa
Denomination: US$200,000
Remarks: Gross debts exceed S$2bio. While the Oxley is happy about their business in UK and China, we are uncertain about the BREXIT impact (shifting of financial centres to mainland Europe) and China&rsquo s slowdown. Taking clue from the last Oxley SGD 5% Retail bond which crashed to 8% below par (excluding accrued interests) a year after listing, this issue is one of the highest-yielding bonds issued by Oxley.
Books-buidling for two higher risk Singapore Bonds today