SPH Perpetual

[limpoop]

source https://twitter.com/Bondsupermart/status/1133915498100301824

Any good?

 

[tangent314]

Well, do you have an investable net worth of over S$2 million dollars?

 

[revhappy]

I have subscribed to notification from FSM. I get almost daily a message of new bond issuance. Yesterday Credit Suisse, today SPH. But all need 250k minimum.

 

[EricDraven]

Step-up +1% at the end of 5 years if coy didn't call back.

IPT: Singapore Press Holdings S$ Perp NC5 4.75% Area
By*Denise Wee
(Bloomberg) --*May price today.
Issuer: Singapore Press Holdings Limited
Issue: SGD Fixed Rate Subordinated Perpetual Securities
Status; Direct, unconditional, unsecured and subordinated obligation of the Issuer
Unrated
SGD benchmark
Tenor: Perpetual NC5
Distribution payment date: Semi-annually in arrear on [●] June and [●] December of each year (First Pay: [●] December 2019); actual/365 (fixed)
Redemption at the option of the issuer: [●] June 2024 & on every distribution payment date thereafter at par
Distribution rate reset: Reset at the end of Year 5 & every 5 years thereafter based on prevailing SGD 5Y SOR plus the Initial Spread and the step-up margin
Distribution rate step-up: 100 bps on [●] June 2024
Cessation/suspension of trading of shares margin: 100 bps
Distribution deferral: At Issuer’s discretion. Any deferred distributions are cumulative
Dividend pusher: Yes (look-back 6 months)
Dividend stopper: Yes
Other redemption: At par due to taxation reasons, accounting reasons, tax deductibility, minimal outstanding amount, cessation or suspension of trading of shares
UOP: After deducting issue expenses, for general working capital, capital expenditure and corporate requirements (including acquisitions and investments), and/or refinancing existing borrowings of the Issuer and its subsidiaries
PB CONCESSION: 25 cents
JLM/JBR: DBS Bank Ltd., OCBC Bank (B&D)

 

[lifeafter41]

Wow 250k a pop......

 

[homer123]

Singapore perpetual bonds suck because low interest and high cost due to 250K requirement. I would recommend buying US ETD or US preferred shares..You can get much higher yield and buy as low as $25 that allowed you to diversify your risk and not concentrate your investment in one basket. Using IB, the only cost is $1 transaction fee.

https://globalincome50.blogspot.com/2019/05/us-exchange-traded-debt-etd-aka-baby.html

 

[limpoop]

Well, do you have an investable net worth of over S$2 million dollars?

did mas said you need $2m aum to buy bond?

where is the link?

 

[bobobob]

https://sso.agc.gov.sg/Act/SFA2001

Search for accredited investor on the link page.

 

[limpoop]

Don't think is $2M AUM, just Accredited Investor status, $2M in net assets (of which property can only count max $1M) to buy these bonds.

4.75% pa for SGD SPH bonds looks fair though, but step up too low so not attractive.

4.75% is just indicative, final yield should be lower

 

[madtari]

Or if your monthly income is 30k and above, you can qualify for AI as well... A lot of ppl here who claimed they are earning 20k per mth only needs to increase their pay by another 10k more!

Don't think is $2M AUM, just Accredited Investor status, $2M in net assets (of which property can only count max $1M) to buy these bonds.

4.75% pa for SGD SPH bonds looks fair though, but step up too low so not attractive.

 

[EricDraven]

Priced at 4.5%, size only S$150m.

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[EricDraven]

Order book > $800m... Well over-subscribed

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