Thank you bart
Just sharing an interest. I reiterate that I am not a professional. Hope everyone gives their take too.
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Singapore Bonds
- Thread starter Runifyouhaveto
- Start date
Thank you bart
Just sharing an interest. I reiterate that I am not a professional. Hope everyone gives their take too.
SPECIAL COVERAGE: Hyflux 6% Perpetual Bonds
FAQs
9. Any analyst coverage or write-ups?
Please refer to:
https://www.bondsupermart.com/main/article/Hyflux-Ltd58-Better-times-ahead-291
FAQs
9. Any analyst coverage or write-ups?
Please refer to:
https://www.bondsupermart.com/main/article/Hyflux-Ltd58-Better-times-ahead-291
market whisper: united engineers looking to launch 5years bond at indicative (not confirmed) 3.8%pa
minimum application: $250000 a lot
Re: Interesting Bond issues
Mapletree Logistics Trust launching perpetual bonds, appx 4.18%pa
http://www.theedgemarkets.com/sg/ar...tics-trust-down-after-announcing-fund-raising
Mapletree Logistics Trust launching perpetual bonds, appx 4.18%pa
http://www.theedgemarkets.com/sg/ar...tics-trust-down-after-announcing-fund-raising
Final Coupon fixed at 3.68%
United Engineers priced the plain vanilla at 3.68%.
Current Hyflux's plain vanilla bonds are trading between 3-4% yield in secondary market
So both are quite close in risk-pricing.
I assume if United Engineer launches perpetual bonds, they need to price near 6% too.
Of course Mapletree is much better being Temasek-linked. They intend to price the upcoming perpetual at 4.18%, which means that if they launch plain vanilla bond like United Engineers, the coupon could be much lower than 3.68%.
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SPECIAL COVERAGE: Hyflux 6% Perpetual Bonds
Retail Applications: About $368m
Placement Applications: About $200m
Retail Applications: About $368m
Placement Applications: About $200m
SPECIAL COVERAGE: Hyflux 6% Perpetual Bonds
Hyflux raises offer size of perpetual securities to S$500m on strong demand
http://www.businesstimes.com.sg/com...erpetual-securities-to-s500m-on-strong-demand
STRONG support for the retail offering of Hyflux's 6 per cent perpetual securities has caused the firm to increase the total issue size from S$300 million to S$500 million.
The public offer and the placement to institutional and other investors had opened for subscription at 9am on May 18. The placement was subscribed more than four times its original size of S$50 million, leading the firm to re-allocate S$115 million from the public offer to the placement.
Similarly, the public offer received about S$368 million worth of valid applications, more than three times the leftover amount of S$115 million. The firm therefore increased the public offer issue size to S$329 million, including the re-allocation of about S$14 million from the reserve offer allocated for directors, management and employees of the Hyflux group.
All in, the total size of S$500 million comprises S$329 million under the public offer, S$165 million under the placement and S$6 million under the reserve offer.
Hyflux raises offer size of perpetual securities to S$500m on strong demand
http://www.businesstimes.com.sg/com...erpetual-securities-to-s500m-on-strong-demand
STRONG support for the retail offering of Hyflux's 6 per cent perpetual securities has caused the firm to increase the total issue size from S$300 million to S$500 million.
The public offer and the placement to institutional and other investors had opened for subscription at 9am on May 18. The placement was subscribed more than four times its original size of S$50 million, leading the firm to re-allocate S$115 million from the public offer to the placement.
Similarly, the public offer received about S$368 million worth of valid applications, more than three times the leftover amount of S$115 million. The firm therefore increased the public offer issue size to S$329 million, including the re-allocation of about S$14 million from the reserve offer allocated for directors, management and employees of the Hyflux group.
All in, the total size of S$500 million comprises S$329 million under the public offer, S$165 million under the placement and S$6 million under the reserve offer.
The company set one of the highest target for retail bonds. announcing their $500m upsize intention from the beginning. It is embarrassing if they get stuck at $300m level. It goes to show that there are still money chasing reputed issuers. Prior to Hyflux, recent retail bond issuers boasted about their popularity and upsized their offerings to $100m to $300m level.
According to SGX disclosure, Ms Olivia Lum and 6 other directors took part of the portion reserved for employees and directors. Ms Lum took up $1 million.
June's Singapore Saving bonds offers only about 2%pa average for 10 years.
Hyflux has upsized to 500mil and can now redeem their previous perp callable in 2018. Here is the statement by Hyflux.
If the old perp is below $101, I do think it's a good deal to buy in because you are assured 5.yy% over 2 year period. I will be monitoring the old perp and park my money there once it hit $101
If the old perp is below $101, I do think it's a good deal to buy in because you are assured 5.yy% over 2 year period. I will be monitoring the old perp and park my money there once it hit $101
Yah lor.. Like that who wanna buy SSB....
Good point. The new 6% caused a selldown in the old 6% which increased the yield from 3.5% to 5% now, based on first Call Date.
Re: Interesting Bond issues
Hyflux's new 6% traded with limited upside on first day.
Currently, retail price is appx. 1.003
Secondary market Bid-Ask price at 100.25 - 100.55
https://www.bondsupermart.com/main/bond-info/bond-factsheet/LW1439220
unlikely to close below 100.3 today as Private Placement Applicants paid between 100.3 (1.003) to 100.5 (1.005) to their private bankers.
Hyflux's new 6% traded with limited upside on first day.
Currently, retail price is appx. 1.003
Secondary market Bid-Ask price at 100.25 - 100.55
https://www.bondsupermart.com/main/bond-info/bond-factsheet/LW1439220
unlikely to close below 100.3 today as Private Placement Applicants paid between 100.3 (1.003) to 100.5 (1.005) to their private bankers.
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