New Issue Review : Hong Fok Properties 4.75% 6Y this time.. Noble USD 5Y…

Nothing to say. 4.75%, 1 year longer, and interest rates 0.15% higher now than January.

Read my old comments here. No change in thoughts.


Sorry for the error in coupon for the last review. The final coupon was revised lower.

Strike while the iron is hot despite the property cooling measures. Stock price off its highs.

Vague mentions that books are twice covered. Private bank clients taking 59% of it.

The good thing is that they cannot raise more than SGD 300 mio even if they wanted to.


Noble Group Baa3/BBB- should get 60-70% leverage. T+310 bp initial guidance to final price of T+290 to 295 bp (Cpn 3.75-ish) USD 300 mio deal size and books 2.8 bio.

Lets work that out to SGD terms. Should be about 3.6-3.65% roughly for 5Y without leverage.

Just thinking out loud, 3.6% could sell in SGD, I am sure.