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Singapore Bonds

bart12 said:
The bonds market was really active in Singapore while you were away.. Glad you are back, this thread is dead without you.
Click to expand...

Thank you bart

Just sharing an interest. I reiterate that I am not a professional. Hope everyone gives their take too.
 
Runifyouhaveto said:
Hyflux's upcoming 6% might have soaked some fair bit of liquidity from bond market.

After 25th May, we should see some a few other other SGD bonds from locally-listed companies, offering 4-6%pa (my speculation) in the month ahead, eg. Valuemax, GSH or United Engineers, depending on their bond duration.
Click to expand...

market whisper: united engineers looking to launch 5years bond at indicative (not confirmed) 3.8%pa
minimum application: $250000 a lot
 
Mapletree logistics trust and United engineering bond better than Hyflux perpetual bond.
 
mmngck said:
Mapletree logistics trust and United engineering bond better than Hyflux perpetual bond.
Click to expand...

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%.
 
Last edited:
SPECIAL COVERAGE: Hyflux 6% Perpetual Bonds

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.
 
Stanchart now have a 1.7% 7-mth singapore time deposit. That is much better..
 
mmngck said:
High risk high return.
Click to expand...

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.
 
From a Dow Jones weekly financial "newspaper", Buttock's, dated 23rd May 2016 and selling for only US$5 per issue:

Testicle Motors (TSLA) said Godman Sucks would be one of the lead book runners on its $2 billion secondary offering, hours after Godman analysts upgraded the stock and predicted the company would need to raise $1 billion to finance its expansion. Secondary offerings aren't subject to the same blackout periods preventing investment banks from issuing research on a stock during an IPO, but the timing was very close. Godman Sucks said its research is independent.
Click to expand...

Yeah Right! And I was born yesterday :oIo:
 
Hyflux has upsized to 500mil and can now redeem their previous perp callable in 2018. Here is the statement by Hyflux. image-702152.png
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
 
bart12 said:
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
Click to expand...

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.
 
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