New SGD Issue : GOODPACK LIMITED SGD 5Y 4.25%
– NEW SGD 5-YEAR ANNOUNCED ON THE BACK OF STRONG INSTITUTIONAL REVERSE INTEREST
– INITIAL PRICE GUIDANCE : 4.250% AREA
– ISSUE SIZE: TBD
– PB REBATE: x
– TIMING: AS EARLY AS TODAY’S BUSINESS
– COMPS:
GPACKS 4.7 06/19/17 NR/NR 103.875 3.622%
GPACKS 4 1/2 10/18/19 NR/NR 100.250 4.400%
Their 3rd issue this year. Gearing up pretty heavily for a matured company in a matured container industry which is subject to potential trade slowdown.
Given their correlation to commodity and shipping fates, I am not sure if the coupon warrants the risk. And look at how tight they have gotten. Last year’s 4Y issue was at 4.25% ! (rates were 0.3-0.5% lower then)
Entire list of Goodpack bonds (prices unverified).
| Issuer Name | Coupon | Maturity | Amt Issued(MM) | Bid Price | Ask Px | ||
| Goodpack Ltd | 4.7 | 24-Apr-23 | 50000000 | 97.5 | 98.5 | 5.03 | 4.89 |
| Goodpack Ltd | 4.75 | 30-Jan-23 | 30000000 | 98 | 99 | 5.02 | 4.88 |
| Goodpack Ltd | 4.5 | 18-Oct-19 | 60000000 | 99.5 | 100.5 | 4.59 | 4.41 |
| Goodpack Ltd | 4.7 | 19-Jun-17 | 65000000 | 103.875 | 104.6 | 3.62 | 3.42 |
| Goodpack Ltd | 4.25 | 27-Jan-16 | 62000000 | 102.65 | 103.4 | 3.14 | 2.83 |
Those issued this year ie namely, the 10 years took a small beating last week.
Note their equity divd yield is estimated 2.85%.
GOODPACK LTD SGD 5YR
BOOKS IN ACCESS OF S$250MM
Did UOB overpaid at 4.90% for their 5yrs re-fix perps?
It certainly looked that case compared to Tat Hong & Goodpack.
Priced to sell, like I said. The size is an issue especially when institutional clients cannot really buy alot of Tier 1.
PRICED AT 4.15% SGD 50 MIO.
ODA BOOKS ARD SGD 300 MIO.
For an illiquid name, good job !
Goodpack is a very good business, certainly not a matured business in the container industry.
Your view is shared by many. The bond was many times oversubscribed.
really hope some good bonds can come out…