Bonds In Conversation : Run For Your Lives Asia

No, it is not this photo of Tandoori chicken and what appears to be rice atop a pizza that is scaring me, basking in all its double carbs glory.

tandoori chicken rice pizza

Neither is it the rumour that a prominent local travel agent, 5 Star Tours, has closed down with her 7 branches !

My double carbs fanatic friend (who happens to be partial to chicken rice on baguette) has informed me that the first run for Singapore in 2014 is the RUN FOR YOUR LIVES run, happening this Saturday, as a part of the Run For Your Lives (chased by zombies)- Asia series.

Ominous sounding sort of run to ring in the new year.

Yes. Run for your lives for it’s the US Non Farm Payrolls tonight.

1. The Fed has gone bonkers in chicken and duck talk.

Plosser Warns Fed Shouldn’t Try To Offset Potential GDP Loss
Rosengren Says Fed Needs To Be Patient In Removing Stimulus
Dudley Says Fed Doesn’t Fully Understand How QE Works

2. Greece is looking to sell bonds again, after Ireland and Portugal managed successful issues in the wake of the ECB meeting that hinted at potential easing in the future.

3. More Warnings on China’s Debt Problem

George Soros warns that China will come to a head in the next few years when its debt and economy runs out of steam.

Haitong Brokerage
”     Jan. 8 (Bloomberg) — China’s second-biggest brokerage said record debt threatens to trigger a financial crisis as borrowing costs jump to unprecedented highs despite a cooling economy.
Liabilities at non-financial companies may rise to more than 150 percent of gross domestic product in 2014, raising
default risks, according to Haitong Securities Co. The ratio of 139 percent at the end of 2012 was already the highest among the world’s 10 biggest economies, according to the most recent data. That compares with 108 percent in France, 103 percent in Japan and 78 percent in the U.S., figures from the Bank for International Settlements and the World Bank show.”

EM crisis no more as Philippines, Sri Lanka and Indonesia load up on USD borrowings, with the Philippines using part of the proceeds to buy back older issues leading to an order book in excess of 7 bio given that they have not issued since 2012.

Singapore is quiet for the first trading week of the year. Only a SGD 10 mio private placement has been reported so far.

I am not sure if we should be cheering for 2 potential new issues out of Golden Agri and Croesus reits. Will update on details once available. And of course, Temasek retail bonds would be much sought after after the announcement of their plans to for a retail offering on the 8th. This is a long awaited deal since their CFO mentioned their intention in the forum pages of papers in 2011.

Leaving now for school run and an apology for the inconsistency in the past weeks. Now that school has started, we should settle to a new routine and more prices and posts to come.

2012 SGD Bonds with Olam prices updated. It was no mean feat because the bond is not trading much, not many banks are quoting it and many price sources are not updated. But we got a pretty accurate price for you for both the Olam 6% and the Olam perp. Hope it is of use !


2013 SGD Bonds


USD Bonds listed in SGX and HK