New Issues : If Oxley & Aspial Can, So Can Banyan Tree

23/07/2013 by

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
(ISIN:SG57A6994608)
– 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
Rating:                 Unrated
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)
Tenor:                  5-year
Issue Price:          100%
Denomination:    SGD250K
Governing Law:   Singapore Law
Listing:                SGX-ST
Clearing:             CDP
Selling Restrictions:   Sections 274 and/or 275 of the Singapore SFA
Timing:                 Expect today’s business

COMPS
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)

Category : Market, Rates/Bonds

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6 thoughts on “New Issues : If Oxley & Aspial Can, So Can Banyan Tree”

derekgjl on 23/07/2013 at 12:40 PM said:

Banyan Tree will be very hot!
- tradehaven on 23/07/2013 at 1:03 PM said:
  
  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.
tradehaven on 23/07/2013 at 5:31 PM said:

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.
derekgjl on 23/07/2013 at 8:40 PM said:

Orders from my platform were already $15m.

Fingers crossed.
- tradehaven on 23/07/2013 at 9:51 PM said:
  
  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.
tradehaven on 24/07/2013 at 9:41 AM said:

BANYAN TREE 5.75% 2018 100/100.20 indic. UOB 4.9% 101/101.25 indic.
Aspial – No Idea.

TradeHaven