Author Archive

Q4: More of the Same?

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Photo courtesy of Ms Eleanor W., Perth, W.A..   Three quarters into the year, let’s take stock of where we are in terms of performance across the different equity and credit asset classes… Continue reading

*** NEW ISSUE: JULIUS BAER GROUP SGD AT1 – IPG 6.00% AREA ***

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11 months after issuing their first SGD AT1, Julius Baer returns with a second one, with a similar structure to the one done last year. Issuer: Julius Baer Group Ltd Instrument: Reg S… Continue reading

** CHINA CITIC BANK INTL – US$ PERPNC5 AT1 (REG S) – 4.625% AREA

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Yet another Chinese AT1 hits the market.  With response to last week’s Cinda AM Perp NC5 AT1 lukewarm, it will be interesting to see how investors take to this.  The new Cinda AT1… Continue reading

NEW DEAL: State Bank of India USD AT1 Perp NC5, Mid 5% Area

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Issuer: State Bank of India, acting through its DIFC branch Subordinated, ranking behind Tier 2 Notes, pari passu in respect of debt instruments classified as Additional Tier 1 Capital and senior to equity… Continue reading

NEW DEAL: UOB US$ 10.5 NC 5.5Y Tier 2 Bond, IPT +200bp Area (~3.19%)

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(Bloomberg) — May price today. Issuer: United Overseas Bank Ltd Reg S Issuer ratings: Aa1/AA-/AA- Expected issue ratings: A2/–/A+ Subordinated Tier 2 Issuer optional redemption: One-time issuer call option at par in year… Continue reading

**DBS GROUP HOLDINGS LTD – US$ PERP NC5 AT1 PERPETUAL CAPITAL SECURITIES @ 4% AREA**

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**DBS GROUP HOLDINGS LTD – US$ PERP NC5 AT1 PERPETUAL CAPITAL SECURITIES** ISSUER: DBS Group Holdings Ltd INSTRUMENT: Additional Tier 1 Perpetual Capital Securities RANKING: Subordinated, ranking behind Tier 2 instruments, pari passu… Continue reading

** NEW ISSUE: MAPLETREE COMMERCIAL TRUST SGD 10-YR PRICED AT 3.11% **

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ISSUER: Mapletree Commercial Trust Treasury Company Pte. Ltd. GUARANTOR: DBS Trustee Limited (in its capacity as trustee of Mapletree Commercial Trust) STATUS: Direct, unconditional, unsubordinated, unsecured Notes ISSUER RATINGS: Baa1 / – /… Continue reading

Stanchart USD Perp AT1Coco IPG 8%

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(Bloomberg) — May price today. * Issuer: Standard Chartered PLC * 144A/Reg S * Instrument: USD Fixed Rate resetting perpetual subordinated contingent convertible securities * Ranking: Prior to any conversion trigger event, ranking… Continue reading

**NEW ISSUE: FRASERS COMMERCIAL TRUST (“FCOT”) 5YR SGD SNR – PX GUIDANCE @2.95%

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Issuer: FCOT Treasury Pte. Ltd. Guarantor: British and Malayan Trustees Limited (in its capacity as trustee of FCOT) Expected Issue Rating: Baa2 (Moody’s) Status: Senior, unsecured Issue Size: TBD Format/Docs: Bearer / Issuer’s… Continue reading

NEW DEAL: Road King Infrastructure $Bench 3Y Bond, IPT 5.5% Area

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ISSUER: RKI Overseas Finance 2016 (A) Limited GUARANTORS: Road King Infrastructure Limited (1098 HK) and its subsidiaries (other than those established under the law of the PRC or special purpose vehicle subsidiaries incorporated… Continue reading