SG Bonds Weekly Week 47 November 16, 2020 232

Outlook for the week

Key economic releases for the week

  • Mon, 16 Nov: CH: Industrial Production YoY (10:00AM)
  • Tue, 17 Nov: SG: Non-oil Domestic Exports YoY (8:30AM)
  • Wed, 18 Nov: SG: GDP YoY (18th – 25th)
  • Thu, 12 Nov: SINGTEL results – Bef Mkt, US: CPI YoY (9:30PM)

Last week summary

The Asia primary debt market restarted its engines this week post US presidential elections, with 19 deals priced entirely from Chinese issuers or with a Chinese company guarantee. LGFVs and real estate issuers were the most active with 12 out of 19 deals printed this week. LGFV volume: USD 1.48bn. Real estate volume: USD 1.709bn.

  • Rubber supplier Halcyon Agri Corporation priced a USD 200mm PerpNC5 at 3.8%, 30bps tighter from the initial price guidance. The perpetual bonds are guaranteed by Chinese state-owned enterprise Sinochem International Corp. The notes have a stepup of 300bps if not called after 5 years or upon the occurrence of any Change of Control events. Halcyon Agri Corporation last issued a USD 150mm PerpNC2 deal back in 2017 at 4.5%.
  • Singapore Airlines (SIA) is proposing to issue up to S$850 million in the principal amount of bonds, convertible into new ordinary shares in the company’s capital. The convertible bonds are proposed to be placed with institutional investors and other investors.
  • Singpost Group Treasury issued a S$250 million in 10-year fixed-rate notes guaranteed by postal service provider Singapore Post. The senior unsecured notes carry a coupon of 2.53% and will mature on 19 Nov 2030. Demand was strong with order books of over S$800 million.
  • New issue pipeline remains dry with 2 new mandate outstanding from the ones announced over the fortnight.




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About the author

Profile photo of Timothy Ang

Timothy Ang
Research Analyst
Phillip Securities Research

Timothy covers credit analysis of local and foreign bonds. Previously an equity dealer, he handled equity trade execution and portfolio management. 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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