New Issue Review : Guocoland 7Y SGD 4.5%

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ALERT : Below is the email I received from my banker and the next one was sent to me by my fund manager friend. NOTICE THE DIFFERENCE ? NEW ISSUE: GUOCOLAND SGD 7Y… Continue reading

Bonds In Conversation – Reconciling With Financial Repression

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As my friend, Asianmacro put it, we are thriving on bad news and praying for external stimulus. Bill Gross, “There Will Be Haircuts” May 2013 “The easiest answer to the question of what… Continue reading

QE expectations = When bad news is good news … and vice versa

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In a normal world when economic data are poor and getting poorer, governments are running out of policy options if they are even effective with twin deficits, central banks are faced with unemployment… Continue reading

MayDay MayDay, It’s May Day

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It’s May Day on a Wednesday and we know Wednesday’s child is full of woe. Mayday is an emergency procedure word used internationally as a distress signal in voice procedure radio communications. It… Continue reading

SGD Rates & Bonds Weekly

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Economic News Mar Industrial Production +6.2% MoM vs expected +7.1% Mar Industrial Production -4.1% YoY vs expected -3% 1Q Unemployment Rate 1.9% unchanged IRS Deal pricings kept the market busy not trading, exacerbated… Continue reading

New Issue Review : Trikomsel SGD 3Y

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Issuer:                           Trikomsel Pte. Ltd. Guarantor:                    PT Trikomsel Oke Tbk Structure:                      Fixed Rate Senior Unsecured Notes Issuer/Guarantor/Issue rating: Unrated Tenor:                         3 years tk Issue Size:                    TBD Initial Guidance:            Mid to high 5% Change of… Continue reading

Aspial Bond Surprise – Consent Solicitation

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The former Lee Hwa. I confess I only took notice of them last week when they were cited as a comparable bond for the Courts SGD issue. Dragging out their balance sheet then,… Continue reading

STI Historic High, Bonds Historic Lows

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April 29 (Bloomberg) — Benchmark 10-yr note yield falls to 1.357% as of 9:56am in Singapore. • It compares with close at 1.401% on April 26 and is poised for lowest close since… Continue reading

Op Ed : Australia – Head In The Sand Amidst Changing Tides

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In a country where 3 out of 4 citizens are either naturalized or have parents who were, you have a nice cultural hodge podge going. The good thing about Australia is that the… Continue reading

JPY Came & Saw & Left

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The Japanese are slow and in fact, latest data points to Japanese net selling of offshore equities and bonds since this whole BoJ Abenomics took off. Why not ? Look at the sterling… Continue reading