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%...
by Amruth Sundarkumar | Oct 14, 2022 | Corporates, High Yield Bonds, Perpetual Bonds
SMC Global Power’s perpetual dollar bonds dropped by over 10% yesterday. For instance, its SMC’s 5.7% Perp and 6.5% Perp fell by 10-14% to 66.95 and 71.85 cents on the dollar, yielding 19.96% and 31.12% to call. As per a report by Bloomberg Intelligence,...
by Amruth Sundarkumar | Sep 26, 2022 | Banks, China, Financial Institutions
In the latest state-led measure for property developers, China Construction Bank (CCB) will set up an RMB 30bn ($4.2bn) fund for a 10-year period to buy properties from Chinese developers. CCB will “invest in existing assets” of real estate companies and...
