SG Bonds Weekly – Week 49 November 30, 2020 423

Outlook for the week

Key economic releases for the week

  • Mon, 30 Nov: SG: Bank Loans and Advances YoY (10:00AM), SG: Money Supply M1 YoY (10:00AM), CH: Manufacturing PMI (9:00AM)
  • Tue, 1 Dec: US: Markit US Manufacturing PMI (10:45PM)
  • Thu, 3 Dec: SG: Purchasing Managers Index (9:00PM), US: U.S. Federal Reserve Releases Beige Book (3:00AM), US: Markit US Services PMI (10:45PM)
  • Fri, 4 Dec: SG: Retail Sales YoY (1:00PM)


Last week summary

Chinese real estate issuers remain active in the Asia primary debt market space pricing 5 deals totalling USD 920mm this week with average book coverage for Chinese real estate high yield new issues at 8.5x. Investor demand for high yield risk was very strong in the primary market this week with deals getting 7.8x covered on average. Secondary trading performance for new issues this week was strong as well, with most bonds trading above re-offer on the break.

  • Singapore Airlines (SIA) has priced S$500 million worth of 3.5 per cent notes due 2030 under its S$10 billion multi-currency medium-term note programme, which it has upsized from S$5 billion previously.
  • Singapore-based TML Holdings, a subsidiary of Indian carmaker Tata Motors, issued USD 300mm 3.5NC2.5 senior unsecured notes at 5.5%, after tightening 50bps from the initial price guidance. The notes have a Letter of Comfort provided by Tata Motors Limited. As the only Indian issuer that tapped in the offshore market in November so far, TML Holdings saw significant demand from investors as the deal was 5.6x covered and Asian AM investors took the most of the allocation. The new TML Holdings bonds are trading at 0.9 points above reoffer on the break.
  • New issue pipeline remains slow with 2 new mandate outstanding from the ones announced over the fortnight.


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