New Issue Review : Guocoland SGD Senior Perpetual NC 3Y
*** GUOCOLAND SENIOR PERP-NC-3: UPDATE #1 ***
* NEW SENIOR PERP-NC-3 ANNOUNCED, ANCHORED BY SUBSTANTIAL INTEREST
* PX GUIDANCE AT LOW 5% AREA
* STRUCTURE: SENIOR PERP-NC-3, RESET IN YEAR 3 & EVERY 3 YEARS THEREAFTER,
STEPUP 100BP IN YEAR 3, CoC STEPUP OF 100BP, DIVIDEND PUSHER AND STOPPER
* TIMING: THIS WEEK’S BUSINESS, AS EARLY AS TODAY
** KEY COMPS
HPL 6.125 Subordinated NC 5 perp 103.50, 5.13%
HPL 3.9 2020 100.50, 3.82%
GUOLSP 4.1 2020 100.75 3.97%
GUOLSP 4.875 2016 103.75 3.46%
“But a 3 bio MTN programme, means they can borrow another 1.5 bio more if they like.” Quoting myself 1 week ago.
And they will be back for more. And 5% ?? They used to pay 5% for SENIOR papers not SENIOR perpetuals !
The leverage worries me so the SENIOR PERP is a brilliant move because perpetuals are considered equity and it does not make their debt ratios look bad. Small price to pay for damage control.
Anyway I am wrong, market loves Guoco.
|Issuer Name||Coupon||Maturity||Bid Price||Ask Px|
|GLL IHT Pte Ltd||4.1||13-May-20||125 mio||100.5||100.8|
|GLL IHT Pte Ltd||4.35||12-Sep-17||105 mio||101.5||102|
|GLL IHT Pte Ltd||4||25-Nov-14||100 mio||101.75||102.3|
|GLL IHT Pte Ltd||5||23-Feb-17||160 mio||103.75||104.3|
|GLL IHT Pte Ltd||4.25||23-Feb-15||260 mio||101.7||102.2|
|GLL IHT Pte Ltd||4.125||13-May-15||267 mio||101.6||102.1|
|GLL IHT Pte Ltd||4.875||11-Mar-16||333 mio||103.203||103.9|
|GLL IHT Pte Ltd||4||17-Jan-14||205 mio||100.8||101.3|
But my opinion remains. Please read last week’s new issue review below.
- New Issue Review : Guocoland 7Y SGD 4.5% (tradehaven.me)
- Bond Market Phenomena – Slovenia, Guoco, Wow ! (tradehaven.me)