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

With a heavy heart, I see Aspial re-opening.


– 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
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

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.