SG Bonds Weekly Week 11 March 15, 2021 411

Outlook for the week

Key economic releases for the week

  • Mon 15 Mar: CH: Industrial Production YTD YoY (10:00AM)
  • Tue, 16 Mar: US: Industrial Production MoM (9:15PM)
  • Wed, 17 Mar: SG: Electronic Exports YoY (8:30AM), SG: Non-oil Domestic Exports YoY (8:30AM)
  • Thu, 18 Mar: US: FOMC Rate Decision (2:00AM)

Last Week Summary

Market volatility subsided on the backdrop of tamed inflation, a decline in jobless claims and President Biden signing the US$1.9tn fiscal package into law. Asia credit market high yield issuers were quiet as investment grade issuers drove the primary bond market this week, covering 96% of the total weekly new issue amount.

  • Astrea VI, an indirect subsidiary of Temasek Holdings priced a new series of bonds backed by cash flows from a US$1.5bn portfolio of investment in multiple private equity funds. The 10NC5 US$228mn Class A-2 tranche tightened 37.5bps to price at 3.25% while the 10Y US$130mn Class B tranche tightened 30bps to price at 4.35%.

5 outstanding mandates were announced during the last two weeks.

 

 

 

 

 

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About the author

Profile photo of Timothy Ang

Timothy Ang
Research Analyst
Phillip Securities Research

Timothy covers the US technology sector focusing on hardware companies. Previously a credit analyst, he handled bond analysis and research for the fixed income desk. He has presented seminars for organisations such as SIAS, SPH and IRAS, commentated live market updates for 93.8FM, and authored investment articles for the Business Times newspaper. He graduated with a Bachelor of Commerce in Accounting & Finance from the University of Western Australia.

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