SGD New Issue Alert : Marco Polo Marine
Issuer: Marco Polo Marine Ltd.
Status: Senior, unsecured
Rating: Unrated
Format: Reg S, S274 & 275 of Singapore SFA
Tenor: 3 Years
Issue Size: TBD
Yield: 5.75% p.a
Payment: Semi-annual, actual/365 (fixed)
Issue Date: 18 Oct 2013
Maturity Date: 18 Oct 2016
Details: SGD250K/MTN Programme/Singapore Law/CDP/SGX-ST
Hot off the junk bond centre news. Hats off and salute. Penny stocks are back !!
Market Cap : SGD 131 mio
Analyst coverage : 2
I have a problem trying to compare this name to the names suggested – Nam Cheong, ASL and Ezra.
ASL Marine 4.75 2017 @ 99.85,4.80%
NCLSP 5 2017 @ 100.90, 4.74%
Ezra 5 2015 @ 101, 4.44%
For 5.75% ? and no liquidity and with the markets holding off penny stocks, I am hardly compelled.
I really like your last line Tradehaven. Wise words indeed. I sense we will see more “lower-market-cap” issuers raising debt in this manner in the coming months. Worrying. I do note that Marco Polo’s share price has been rather stable over the last 12 months but I do wonder how they will perform if we see a downturn in offshore O&G development activity in the region. I stayed clear of this paper myself – but do you know how large the issue was at closing and what the demand was like?
Cheers.
SGD 50 mio !! Amazing when Perisai could not sell. The carrot was big enough, I guess.