Monday Humour : SGD New Issue Oxley 2Y
*** NEW ISSUE: OXLEY SGD 2 YR ISSUE ***
Issuer: Oxley Holdings Limited
Status: Direct, unconditional, unsubordinated and unsecured Notes
Format: Reg S, S274 & 275 of Singapore SFA
Tenure: 2 Years
Issue Size: TBD
Payment: Semi-annual, actual/365 (fixed)
Details: SGD250K/MTN Programme/Singapore Law/CDP
*** OXLEY SGD 2 YR – UPDATE #1 ***
– New Oxley SGD 2yrs announced on the back of reverse enquiry
– Initial Price Guidance:4.75% area
– PB Selling Concession: X cents
DID I SAY BEFORE IT WAS ONLY GOING TO GET CHEAPER AND CHEAPER ?
Well, 4.75% for 2 Years when only in July they issued a 5 year non call 3Y at 4.75% and in May, it was 5.1% for 4 Years ?
It makes a nice joke for a Monday morning.
This company is way over leveraged and its stocks make a good short (YTD up 50%). From my article in May till now, their Financial Leverage has increased to 11.3 times. It is a pity they are too insignificant for Muddy Waters to notice.
What I really cannot understand is how can a responsible bank allow this to happen without highlighting the risk to bond investors ?
My view still stands.