SGD Corps : Losers 2013 Edition

Only 4 losers this year.

The rest are winners !!

Definition of loser = if the bond had been issued today at the same credit spread where it was issued at, its coupon would be lower than its current yield.

Note that I use estimated yield/prices to approximate in my calculations.

Yet the results are not as bad as they seem !!!

Take a look at the table I have prepared.

SGD CORP LOSERS 2013

Tata Steel and Tata Motors would actually be much worse off if they are going at international levels while Unicredit should be doing better.

The hypothetical cash price I calculated based on the going rate for their cost of protection.

Nothing on Guoco  because it is a local issuer and it looks to be doing well versus the 3 bigger and more global names given that, as a perpetual, it is the lower ranked bond of the lot !

Just some trivia for readers.