SGD Bonds : 2014 Hall Of Shame
A friend was complaining to me about some prices that are not holding up to screen levels.
Being a savvy investor, he checked the Bloomberg price before asking for a bid only to be told that it was over 1 ct lower and another bank claimed that they had forgotten to remove their bid because they cannot buy the paper.
I took the liberty to prepare the 2014 bonds that are underwater ie. below their issue price. Err, ok, I did not. It was kindly contributed by a concerned friend.
These are the best screen prices we can salvage (which are potentially not tradeable ONLY ON THE BID BUT THE OFFERS ARE GOOD).
Worst performing is Swiber 5.55% issued back in April. This is closely followed by Geo Energy.
Note that most of the names are local small cap companies in the O&G, shipping, real estate and commodity sector.
There is really nothing much investors can do because names like Geo Energy are priced by just 1 or 2 banks at most and their appetite to buy any paper is limited to usually 10% of the issue size or less.
As for buyers, I suggest that buy levels should be on the BID PRICE rather than lifting the offers. And I daresay, you will be hit !
Good luck !