First we have NOLSP4.25 04/17 issuing under secondary spreads, then we have Bank of East Asia BMKEA4.25 2022nc5Y reopening at a hefty discount.
I am glad I abstained from SGD corporate bonds this year because I would be feeling like a Greek creditor soon.
It does not matter that Genting retail perp is trading at 102 on the SGX. That is a retail size (10-20k) and in the past, many uninformed retail buyers are usually,
1. not aware that preference shares are not stock and,
2. prices are quoted cum accrued interest.
Issuers are taking the cue from Greece these days. Tax the bond holders by the divine power of precedence. And bond holders, all hostage to the shame of having the money to buy bonds.
The trend is now swinging to the “have’s” vs the ” have not’s”. To “have” is to be taxed for it, while to “have-not” gives you a voice.
|Don’t pity the poor, says Rex Nutting. Pity the rich who work from sun up to sun down on.mktw.net/HYtJDs|
As for middle class like me, I will not be investing hard earned money with debtors eager to bite the hand that feeds.