*Official* corporate bonds thread

[neanea]

Pls share which corporate bonds can buy

 

[SCG8866T]

Pls share which corporate bonds can buy

Im currently eyeing on

DBS 4.7% NCP Basel 3 compliant perp bond(better than the retail listed)
Cheung Kong 5.125% perp bond
Genting SP 5.125% perp bond(better than the retail listed)
Ascott Res Trust 5% perp bond
Temasek 4.2% 40 years tenure bond

Also eyeing on new issues.

 

[Perisher]

Corporate Bonds like AXXZ and TY6Z which you can purchase from SGX?

 

[geddit]

Can I ask how you access these bonds that you mentioned?

 

[neanea]

Corporate Bonds like AXXZ and TY6Z which you can purchase from SGX?

Better those which are $250k a bond

 

[neanea]

Im currently eyeing on

DBS 4.7% NCP Basel 3 compliant perp bond(better than the retail listed)
Cheung Kong 5.125% perp bond
Genting SP 5.125% perp bond(better than the retail listed)
Ascott Res Trust 5% perp bond
Temasek 4.2% 40 years tenure bond

Also eyeing on new issues.

Thanks for the input. Which bank are you with?

 

[Perisher]

Better those which are $250k a bond

Haha, I don't have so many 250k to buy those bonds.

 

[Shiny Things]

Im currently eyeing on

DBS 4.7% NCP Basel 3 compliant perp bond(better than the retail listed)
Cheung Kong 5.125% perp bond
Genting SP 5.125% perp bond(better than the retail listed)
Ascott Res Trust 5% perp bond
Temasek 4.2% 40 years tenure bond

Also eyeing on new issues.

Couple of things I'm curious about:

1) Is there still that monster arb between the retail and insto tranches of the Genting 5 1/8th?
2) What kind of credit spread does Temasek trade at?

Just idle curiosity, but this stuff fascinates me.

 

[neanea]

Shiny can share what to look out for when selecting a bond?

 

[limster]

Shiny can share what to look out for when selecting a bond?

Looks like a similar pattern emerging again.

He has been PM-ing a while back with questions about bonds and banks. I answered him the best I could. Then recently, he PMed me again with similar questions. I think I don't want to answer anymore. He is just a barrage of questions with no inputs.

http://forums.hardwarezone.com.sg/94847794-post32.html

 

[SCG8866T]

Couple of things I'm curious about:

1) Is there still that monster arb between the retail and insto tranches of the Genting 5 1/8th?
2) What kind of credit spread does Temasek trade at?

Just idle curiosity, but this stuff fascinates me.

Yes the price gap is still substantial, but not as much as last year. You can check all the otc bond prices now here: http://www.sgx.com/wps/portal/sgxweb/home/listings/listing-debt-securities/evaluated-bond-prices

It includes the retail bonds too.

Temasek 40 years 4.2% bond is currently ard 107 108. The other perps like CK 5.125% and Genting Perp 5.125% are below par. Ascott 5% is ard 102 and DBS 4.7% Basel 3 otc is ard 104(compared to the similar retail pre Basel 3 preference shares that is trading at 107 now!).

You will always get a premium for retail tranches. My guess is due to the limited selection for retail investors and the easy accessibility(For otc bond now you need to submit form 4.2 to transfer out before you can sell which takes 2-3 days. So most either park in bank custodian or dont mind the hassle in CDP). Genting perp 5.125 retail is different from the otc one because its of a different tranche(unlike AXXZ). The retail tranche(Genting perp) is smaller in size.

Another thing to take note. DBS ncp 4.7% retail preference shares is really not worth(dangerous) buying. Because its pre Basel 3 and so I foresee a high chance of recall compared to the otc one which was recently issued and at a much more attractive price(only Basel 3 issued tier 1 bond from DBS).

 

[SCG8866T]

Can I ask how you access these bonds that you mentioned?

I got mine from CIMB brokerage. I think all brokerages have access to bonds. They all should have a bond/ELN desk which give a much more attractive price than banks. My view.

 

[neanea]

Limster is this not a thread for you to make trouble, pls get lost if not willing to contribute

Looks like a similar pattern emerging again.



http://forums.hardwarezone.com.sg/94847794-post32.html

 

[Shiny Things]

Temasek 40 years 4.2% bond is currently ard 107 108. The other perps like CK 5.125% and Genting Perp 5.125% are below par. Ascott 5% is ard 102 and DBS 4.7% Basel 3 otc is ard 104(compared to the similar retail pre Basel 3 preference shares that is trading at 107 now!).

Great info, cheers mate. Seems like Temasek trades surprisingly wide to SGS - as much as I'm not a fan of Temasek itself, I'd take a 75bp yield pickup to own 20-year Temasek debt over 20-year SGS any day.

 

[seller2004]

Anyone has a good broker who is specialized in bonds ?

 

[wahkao3]

who buy bonds heree??

 

[wondrdoggie]

Anyone has a good broker who is specialized in bonds ?

For retail bonds, I think any broker will do. For the 200-250k trench types, Bank of Singapore (OCBC's private bank) claims to specialize in them. At least that's what they told me.

 

[icicic]

For retail bonds, I think any broker will do. For the 200-250k trench types, Bank of Singapore (OCBC's private bank) claims to specialize in them. At least that's what they told me.

Full marks for effort. Bos has a strong and somewhat stable bonds team, particularly specialise in latam offering. There are other banks out there for sgd bonds.. I think dbs has balance sheet to redenominate into more bite size, just prepare for wider bid offer.

Sent from Sony D6653 using GAGT

 

[wondrdoggie]

Full marks for effort. Bos has a strong and somewhat stable bonds team, particularly specialise in latam offering. There are other banks out there for sgd bonds.. I think dbs has balance sheet to redenominate into more bite size, just prepare for wider bid offer.

Sent from Sony D6653 using GAGT

Didn't know that DBS redenominate the bonds. Any idea how small they go?

Personal experience, best prices so far for new issues and secondary market came from jpm and UBS. Not so good prices from uob. The spreads all depend on your pre negotiated rates with the banks, the more AUM you have with them, the better your rates. No direct experience with bos and Dbs, so can't comment.

 

[neanea]

wondrdoggie, thanks for the info. Do you have any bonds on your watch list for us to consider too?