SGD NEW ISSUE: ROWSLEY LTD 3Y 6.5%

*** NEW ISSUE: ROWSLEY LTD. SGD 3YR – UPDATE 1 ***

– New Rowsley SGD 3yrs announced with strong IOIs post SG roadshow

– Initial price guidance: 6.50% area

– Structural enhancements: CoC put at 101 and one interest payment to be maintained in interest reserve account at all times

– Issue Size: TBD

– Timing: As early as today

Here comes Rowsley …..

Another remisier owned company after Centurion(which is owned by 2 ex remisiers) except this one is backed by royalty too – the Crown Prince of Johor.

My impression of the company has been influenced by a Forbes article I read 2 years back –

How Singapore Billionaire Peter Lim Makes Money From Thin Air

 

Impressive !

There is very little to say about them since they just started work and are described as a  real estate group with capabilities in planning, architecture, engineering, investment, and development. The Company primarily engages in real estate and infrastructure development, consultancy services, real estate management, and investment holdings.

On their website “Rowsley Ltd. is a multidisciplinary lifestyle real estate and investment company with capabilities in planning, architecture, engineering, investment and development. We are dedicated to creating and growing sustainable communities in high growth markets in Asia and around the world by investing in, developing and managing integrated lifestyle developments.”

And they have an investment portfolio of equity holdings as well.

Their MTN programme is for S$ 500 mio and their market cap is S$ 732 mio.

Slides from their roadshow : http://infopub.sgx.com/FileOpen/Rowsley-Investor_Presentation_Slides_for_Non-Deal_Roadshow-03032015.ashx?App=Announcement&FileID=337276

I cannot think of a comparable bond off hand and 6.5% does look enticing for a 3 year time frame to all those Peter Lim fans out there because Iskandar is not going to go away overnight, though we are not sure if it will take off or become another Batam.

Not my cup of tea again for illiquid issuers so good luck to you all !