Welcoming The Horse With An OXley 5.1% Retap
How did I know that Oxley will not give us a break so soon ?
OXLEY REOPENING OF 5.10% 2016 NOTES
– Reopening of Oxley 5.10% Fixed Rate Notes Due 5 December 2016 (ISIN: SG59J1999880) on the back of reverse enquiry
– Tap at price 100.00 (will not change), plus accrued interest
– Existing Oxley 5.10% 2016 offering at 100.30
Because even the remisier king’s ex wife is suing banks which is totally unrelated to this glorious bond reopening that Singaporeans will be panting over.
Or because its time to work the money pumps while the stock price is up, which is the tried and tested formula for Ezra, Swiber and gang.
Have written about Oxley to death so I will not say anymore. I do not know where Oxley prices are because it is an illiquid market and highly intransparent. The pre-announcement price of Oxley 5.1% 12/2016 was 99.75/100.35 but you really have to bang tables and throw chairs to get it out of the banker.
Related Posts :
https://tradehaven.net/market/oxley-ups-the-ante-with-another-sgd-3y-bond/
https://tradehaven.net/market/presenting-singapores-potentially-over-leveraged-corp-bonds/
https://tradehaven.net/market/monday-humour-sgd-new-issue-oxley-2y/
https://tradehaven.net/market/sgd-new-issue-help-oxley-is-back/
Oxley is not a small cap.. It is in the same league as OUE
Market cap:
OUE S$2.15bn
Oxley S$1.95bn
Oxley spread should tighten from 460bp to 240bp where OUE bonds are
I forgot about Oxley’s market cap which has risen along with its share price.
How about this ?
OUE Total Assets 2012 SGD 5,887.51 bio
Total Liabilities SGD 2,714 bio
Total Bonds Outstanding (current) SGD 650 mio
Oxley Total Assets 06/2013 SGD 2,676 bio
Total Liabilities SGD 2,387 bio
Total Bonds Outstanding (current) SGD 1 bio
Nothing against Oxley. Blumont’s market cap is SGD 170 mio today.
OMG.. can’t believe anyone would compare Oxley with OUE…
Oxley is more like a Roxy if anything.
looking at Market Cap is misleading for companies which had a good share price run up. the example of Blumont is fantastic
look at the Networth of the company to see what it is truely worth.
In my opinion, based on the asset liability profile of oxley, it’s a B+ at best, where a 5.1% p.a. YTM for a 2-3 year paper is reasonable.
Something to warm tradehaven’s heart 🙂
“Of the new launches in January, the biggest contributor was The Hillford, which was marketed as a retirement resort. All 281 units of this 60-year leasehold project by Aspial were sold, achieving a median price of SGD1,105 psf. Over at Wheelock’s The Panorama in Ang Mo Kio, 58 out of the 120 units launched were sold at a median price of SGD1,343 psf.
Oxley’s 90-unit Floraview in Yio Chu Kang saw dismal take-up, with just one unit sold at SGD1,396 psf.”
Hey,
Actually I did not mean to compare them to Blum at all. There is no parallel to be drawn except for the rapid rise in their market cap.
They have alot on their plate, reminds me a bit of SC Global which is now waiting to be taken out by the vultures.
Still too early to write Oxley off or even have that blasphemous idea in the first place. So my personal take is to steer clear as far as I am concerned.