OLAM Stock Catching Down, Bonds Catching Up

OLAMSP 6 10/25/22 SGD 81 83
OLAMSP 5 3/4 09/20/17 USD 88.75 90
OLAMSP 2 1/2 09/06/13 SGD 96.5 98
OLAMSP 5.8 07/17/19 SGD 84 86
OLAMSP 7 09/29/49 SGD 79.5 84
OLAMSP 6 08/10/18 SGD 86 88
OLAMSP 3 02/25/13 SGD 98.5 100
OLAMSP 7 1/2 08/12/20 USD 90 92
OLAMSP 4.07 02/12/13 SGD 97.5 99.5

* Table of indicative prices I trawled from Bloomberg. Not representative of dealing prices.

We are finally reading the textbook. Bonds are safer than stock.

New 3 year low in the stock at 1.425 as I type, the bonds are little changed at the moment.

Yes. There is potential for contagion but that should be discounted already. But take a look at the table. The USD 7.5% 2020 looks a tad high to me, as does the perp. I think the 2022 still presents value over the perpetual, but that is my opinion.

The perpetual should be going lower if the stock continues to tank towards a fairer value.