SGD New Issue Alert : LMIRT Capital 5Y Low 4% (Updated)
- Issuer: LMIRT Capital
- Guarantor: HSBC Institutional Trust Services (Singapore) Ltd (in its capacity as trustee of Lippo Malls Indonesia Retail Trust (LMIR Trust))
- LMIR Trust rating: Baa3/–/–
- Unrated
- Reg S
- Use Of Proceeds : For refinancing and potential acquisition financing
* New 5Y SGD announced, IPG at “Low 4%s”
* Corporate Rating of Baa3 issued by Moody’s <<Report Attached>>
* Issue size expect SGD75mm
* Timing: Expect today’s business
* Private Bank Rebate: 25cents
RECENT NEW ISSUE COMPS:
SOILBUILD REIT 3.45 05/18 101.25 2.995%
CAMBRIDGE MTN 3.95 05/20 100.95 3.737%
OUE 3.80 04/20 100.25 3.742%
Outstanding bonds (indicative prices).
Comparables (indicative prices).
Coupon looks decent compared to the recent Reit papers yet this would be the lowest coupon LMIRT has paid, not that they are regular issuers.
But the stock pays dividends of 10% !
Good luck !
** LMIRT CAPITAL 5YR SGD BOOKS IN EXCESS OF SGD100M **
*LMIRT CAPITAL SGD75M 5Y BONDS, FINAL GUIDANCE 4.1%
LMIRT Capital Gets SGD100m Orders for SGD75 Bond 08:38
LMIRT 4.1% 06/2020
Priced at 4.1%, IPT low 4% area.
• Over SGD100m orders for SGD75m bond
• By investor type
• Funds, insurers 80%
• Private banks 20%
• By region
• Singapore 96%
• Others 4%
Price 99.85/100.10