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SGD New Issue Urgent Review : HDB 7Y SGD Bond 3.008%

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Posthaste ! For all you out there salivating over the latest Capitamall Trust 3.08% A2 rated 7 year paper, there is HDB today. HDB is printing SGD 600 mio of 7 year bonds… Continue reading →

Darlings To Defaults – Behind Every Default Was Once A Good Investment

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Horror stories have pretty promising starts and behind every default was once a good investment. It starts like this. Jan 2012 Chaori Solar Energy Wins 110m Euro Solar Module Supply Contract Jan. 12… Continue reading →

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HOLI HOGS, COFFEE, CATTLE AND BEANS – Commodity Crunch In Spring

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Temasek’s move on Olam got my interest back into my favourite market segment – soft commodities that I was, err, a bit early on the uptake last year, saw some stars and exited… Continue reading →

No Use Being Sentimental – Ignoring Economic Surprise Indices

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Global sentiments are not hot. The Citi US Economic Surprise Index (CESIUSD) is at an 18 month low notwithstanding the S&P 500 and bond yields. Given the way markets are reacting, we would… Continue reading →

Made in China Is Not Bad – USDCNY

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China is wasting no time searching for a missing planeload of Chinese nationals and widening their currency band all at once, right before the Crimean vote today. March 15 (Bloomberg) — China will… Continue reading →

Bonds In Conversation : Missing Something In The Bernama Triangle

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“There is no real precedent for a case like this. The plane vanished,” Malaysia’s Transport Minister BUT THERE IS …. THE BERMUDA TRIANGLE ! It is no big deal really, to make a… Continue reading →

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Going Nuts, Cashew Nuts – Olam Bonds

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Temasek is going the way of cashew nuts, coffee and broken rice. March 14 (Bloomberg) — A Temasek Holdings Pte unit offered to buy Olam International Ltd. in a bid that values the… Continue reading →

Weakness Is Strength – EUR

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There is strength in weakness and the EUR is soaring against the USD even as and the DAX is crashing in a pretty double dome formation. Even as Soros proclaims 25 years of… Continue reading →

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SGD New Issue Review : Ezra 2Y

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2 Ezions this year and now Ezra as they bag a new sub-sea projects in West Africa and Asia, including a deepwater pipeline installation project in the South China Sea, collectively worth US$125… Continue reading →

The Discerning Lush : “I would be so bored if I drank nothing but Bordeaux first growth”- Jancis Robinson, 5 March 2014, Aberdeen Marina Club, Hong Kong

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So here we are on the terrace of The Portside at the AMC; the fog and drizzle has lifted with a sparkling view of Aberdeen Harbour. There is a palatable air of anticipation… Continue reading →