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
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|
Those issued this year ie namely, the 10 years took a small beating last week.
Note their equity divd yield is estimated 2.85%.