by Amruth Sundarkumar | Nov 10, 2022 | Banks, Financial Institution Bonds, Financial Institutions
Credit Suisse raised about $5bn via a multi-currency issuance across euro and dollar denominated bonds. It raised: €3bn via a 6Y bond at a yield of 7.856%, 30bp inside initial guidance of MS+525bp area. The senior unsecured bonds are rated Baa2/BBB-/BBB by...
by Amruth Sundarkumar | Nov 8, 2022 | Financial Institutions, Perpetual Bonds, Southeast Asia
Korea’s Heungkuk Life Insurance Co. which had last week announced skipping the call option on November 9 on its USD 4.475% Perp has reversed its decision. The insurer will now redeem its 4.475% perps at 100 tomorrow, leading to a 25 point rally in the perps to...
by Amruth Sundarkumar | Nov 8, 2022 | Perpetual Bonds, Singapore Dollar Bonds
Mapletree Treasury decided against redeeming its SGD 3.95% Perp on its first call date of 12 November 2022, citing the “current macroeconomic conditions and interest rate environment” as reasons for skipping the call. The next call date is on 12 May 2023....
by Amruth Sundarkumar | Nov 7, 2022 | Perpetual Bonds, Southeast Asia
SMC Global Power has accepted to buy back $123.9mn of its dollar perpetual bonds under its tender offer that ended on November 4. It agreed to buy back: $16.84mn of its 6.5% perps callable in 2024, which are currently trading at 68.4 $7.9mn of its 5.95% perps callable...
by Amruth Sundarkumar | Nov 4, 2022 | Financial Institutions, Perpetual Bonds, Southeast Asia
Korean bank dollar perps including the likes of Kookmin Bank, Shinhan Group, Woori Bank etc. have dropped sharply this week (see chart above). This comes after Korean insurer Heungkuk Life Insurance Co. announced skipping the call option on November 9 on its USD...
by Amruth Sundarkumar | Oct 26, 2022 | Corporates, Perpetual Bonds
San Miguel’s SMC Global Power has launched a buyback of up to $400mn of its outstanding senior perps, offering: $680 per $1,000 in principal for its 6.5% perps callable in 2024, which are currently trading at 67.29 $660 per $1,000 in principal for its 5.95%...
