New Issues : If Oxley & Aspial Can, So Can Banyan Tree
With a heavy heart, I see Aspial re-opening.
**ASPIAL CORP LTD SGD TAP: UPDATE #1**
– Reopening of Aspial 5.00% Fixed Rate Notes Due 22 July 2016
– Tap announced at guidance price of 100.00 area
– This week’s business, as early as today
– Existing ASPSP 5 16 currently at 100.50/101.00 (4.82%/4.64%)
I have said all I wanted to say about Aspial before and I am not in the business of dispensing financial advice.
***NEW ISSUE: Banyan Tree Holdings Limited (“BTH”) 5-yr SGD Sr Unsecured***
Issuer: Banyan Tree Holdings Limited
Status: Senior, unsecured
Issue Size: [●]
Distribution: As per Information Memorandum, primarily Singapore
selling restrictions Under Section 274/275 of SFA
Format/Docs: Issuer’s SGD400M MTN Programme dated 14 October 2011
Price Guidance: 5.85% area, semi-annual, ACT/365 (Fixed)
Issue Price: 100%
Governing Law: Singapore Law
Selling Restrictions: Sections 274 and/or 275 of the Singapore SFA
Timing: Expect today’s business
BANYAN TREE 6.25% 2017 103.05 / 5.35%
HONG FOK 4.75% 2018 100.25 / 4.68%
OXLEY 5.10% 2017 99.25 / 5.3%
Banyan Tree has done well turning into a profit in the past 2 years with their strategy of asset sales and deleveraging. Very commendable indeed compared to where they were a few years back.
It has been an impressive turnaround story and I cannot say here how much my opinion of them has changed since their first few issues which found very little favour among the institutional buyers (except for 1, I believe).
Hardly fair to compare them to Oxley at all.
- SGD New Deals : UOB Tier 1 and Aspial AGAIN (I did warn you before) (tradehaven.me)
- Presenting Singapore’s Potentially Over Leveraged Corp Bonds (tradehaven.me)
- SGD New Issue Review : Oxley 5Y callable 3Y (tradehaven.me)
- SGD New Issue : Help ! Oxley Is Back ! (tradehaven.me)
Banyan Tree will be very hot!
It has and will always be a PB bond.
And they are generous with their rebates. Dont ask me how I know but this rebate is stingy compared to the last one.
Banyan Tree Final Size SGD 70 mio. Final Coupon 5.75%.
They have SGD 64 million in bonds and loans due this year. So that should sort it out.
Orders from my platform were already $15m.
Hahah they do NEED THE MONEY U KNOW ?
2/3 of their income goes to paying the interest on their debt.
Still an honest business compared to the other name which I will not utter because I have been warned that they are “connected” and I do not want red paint on my wall.
BANYAN TREE 5.75% 2018 100/100.20 indic. UOB 4.9% 101/101.25 indic.
Aspial – No Idea.