Genting S'pore makes another perpetual offer
Genting S'pore makes another perpetual offer
$500m issue targets retail investors, size may be raised
by another $200m
By GRACE LEONG
FRESH from its first successful $1.8 billion offering of perpetual securities
- the largest-ever single-tranche Singapore-dollar bond deal - Genting Singapore
is now targeting retail investors with a perpetual issue of $500 million.
This latest issue, which can be increased by another $200 million if the
offer is oversubscribed, targets retail investors that were left out of
Genting's institutional perpetual offering in late February as minimum
applications started at a hefty $250,000.
For the second tranche, minimum applications start at
$5,000, and investors can subscribe in lots of $1,000 above that, the
company announced yesterday.
Proceeds will be used to fund acquisitions and to invest in new projects to
grow Genting Singapore's gambling and hospitality business in Asia.
'This is the first time a corporate is offering such an investment to retail
investors, and there's a lot of demand for such investments because interest
rates are currently very low,' Lee Shi Ruh, the company's chief financial
officer, said yesterday.
The notes will pay a 5.125 per cent annual coupon twice
a year until October 2022, and 6.125 per cent after that, with the company
having the option to redeem the securities in 2017.
'It will strengthen our balance sheet position because we will have more cash
in our balance sheet (post the issue) while our long-term borrowings remain the
same as the securities will be recorded as equity on the balance sheet,' Ms Lee
said.
The public offer opens at 9am today and will close at
noon on April 16, and the securities will be traded on the Singapore
Exchange. The securities are open for public subscription by way of ATMs
belonging to DBS, OCBC, UOB as well as their Internet banking websites and DBS'
mobile banking platform.
Unlike the first tranche, the retail perpetual offering is marketed
exclusively in Singapore. DBS is the sole global coordinator on the offer and
DBS and OCBC are joint lead managers.
'Genting is a strong household name. The investment grade-rating on the
issuer and securities should give comfort on the issuer's credit worthiness. The
third draw is the interest yield,' said Clifford Lee, head of DBS fixed income.
The company has been accorded a credit rating of Baa1 by Moody's and A- by
Fitch Ratings. Its perpetual securities have been rated Baa3 by Moody's and BBB
by Fitch.
Given these draw factors, Mr Lee said he is eager to see how this latest
offering will be received by retail investors.
'This offering will definitively test the retail market for this type of perpetual
bond,' he said.
Carey Wong, an analyst with OCBC Investment Research, said that the second
offering will further boost Genting Singapore's growing cash hoard for potential
overseas investments.
While the company doesn't have immediate investment plans, Ms Lee said that
the fund raising was done to position Genting for any opportunities that may
arise.
'If it is Japan or Korea, it would likely be greenfield projects,' Ms Lee
said. 'Genting Singapore is well positioned for opportunities such as those in
Japan or in Korea. Looking at the way that the country (Japan) is looking at, it
will be very similar to what Singapore has introduced - big sized integrated
resort, with the main aim to increase tourism arrivals.'
She said that the proceeds will be used only by Genting Singapore and its
subsidiaries, and not by Genting Malaysia.
While this is a relatively attractive investment opportunity for retail
investors, Gan Kok Kim, head of Group Investment Banking, OCBC Bank, pointed out
that they should be aware that such investments carry some
risks.
For one thing, payment of coupons on the securities may
not be made on a distribution payment date. The issuer may, at its sole
discretion and subject to certain conditions, elect to defer any scheduled
payout on the securities for any period of time, he said.
Another risk is that investors could lose all or part
of their investment in the securities if the issuer is liquidated, dissolved or
wound up, Mr Gan said.
Finally, the price of the securities may fluctuate
depending on the prevailing market conditions, including interest rate as well
as the credit standing of the issuer, or the market for the securities may not
be sufficiently liquid or active. This being so, the securities may trade lower
than the initial issue price and investors may suffer a loss, he said.
[牛魔王 (4-10 17:50, Long long ago)]
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有几个疑问，想要请教一下。
1。这个bond是不是会在SGX挂牌交易的？如果不挂牌，那卖出去就麻烦了。
2。如果发行的是preference share，那么肯定可以申请。参考一下uob 5.1%和hyflux 6%的例子，应该交易当天就会升到102-103，马上卖掉虽然赚的不多，一年的银行利息也回来了。但是因为他是bond，不懂有什么implications?[牛魔王 (4-10 17:55, Long long ago)]
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(引用 牛魔王:有几个疑问，想要请教一下。
1。这个bond是不是会在SGX挂牌交易的？如果不挂牌，那卖出去就麻烦了。
2。如果发行的是preference share，�...)预料该债券将在4月19日左右在交易所主板挂牌上市http://www.zaobao.com.sg/cs/cs120410_003.shtml
（2012-04-10）
在成功发行18亿新元计价的无期债券（Perpetual bond）给机构投资者后，云顶新加坡（Genting Singapore）将发行5亿元此类金融工具给散户投资人，五年内云顶新加坡不可赎回，首十年每年派息率为5.125％；如10年内没赎回，2022年10月后的派息率将增至6.125％。
购买此债券的最低投资额为5000元，每次增加投资额以1000元或其整数倍为单位申请。
投资者可从今天九点开始在星展（DBS）、储蓄（POSB）、华侨（OCBC）和大华（UOB）银行的提款机申请，或者是用星展、华侨、大华银行的网上银行以及移动银行服务申请。
申请截止日为4月16日中午。预料该债券将在4月19日左右在交易所主板挂牌上市。
云顶新加坡的总财务长李溪茹说，云顶新加坡通过发行18亿无期债券给机构投资者试探水温，获60亿的认购额。集团认为新加坡市场对此类融资工具“认可度已经较高”，而决定发行第二批的无期债券给散户投资人，其中有5000万元属于私下配售给云顶新加坡和子公司的董事和员工。
如果首批5亿元的无期债券获得超额认购，云顶新加坡将再增发2亿元。
星展集团（DBS）是债券发行的全球协调人，星展和华侨银行是债券的联合账簿管理人。李溪茹说，云顶新加坡这轮融资是为拓展海外业务做好准备。
[OXO (4-11 9:03, Long long ago)]
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(引用 牛魔王:有几个疑问，想要请教一下。 1。这个bond是不是会在SGX挂牌交易的？如果不挂牌，那卖出去就麻烦了。 2。如果发行的是preference share，�...)1。挂牌交易的。2。bond比preference share优先级高。更可以买。[逛逛 (4-11 11:06, Long long ago)] [ 传统版 | sForum ][登录后回复]4楼
(引用 逛逛:1。挂牌交易的。2。bond比preference share优先级高。更可以买。)谢谢。既然如此，那就应该可以搞一下了。[牛魔王 (4-11 20:02, Long long ago)] [ 传统版 | sForum ][登录后回复]5楼
anyone know where to find the bond indenture?What is the calling price if genting calls it after 5 yes?[海川 (4-12 8:53, Long long ago)] [ 传统版 | sForum ][登录后回复]6楼
(引用 海川:anyone know where to find the bond indenture?What is the calling price if genting calls it after 5 yes?)herehttps://internet-banking.dbs.com.sg/IB/pdf/GENTING.pdf
[海川 (4-14 11:30, Long long ago)]
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看到说这个债券可以通过internet banking申请，可是弄了半天也不知道怎么做哪位大牛帮帮忙，谢谢！[新手上路 (4-15 13:43, Long long ago)] [ 传统版 | sForum ][登录后回复]8楼
(引用 新手上路:看到说这个债券可以通过internet banking申请，可是弄了半天也不知道怎么做哪位大牛帮帮忙，谢谢！)找到了，Investment & Trading ->Electronic Security Application (ESA)[新手上路 (4-15 14:28, Long long ago)] [ 传统版 | sForum ][登录后回复]9楼
云顶新加坡债券 获公众超额认购云顶新加坡债券 获公众超额认购
（2012-04-19）
云顶新加坡（Genting Singapore）推出5.125％的5亿新元永久债券（perpetual bond）的公开发行部分，认购低于1万元的投资者将获得全额分配。
让公众认购部分获得7亿3134万的认购额，私下配售部分认购额为301万元，整体认购额为1.47倍。
资料显示，有24名投资者的认购额超过100万元，其中有两名的认购申请分别超过了180万元。
公众认购集中在1万至10万之间，共有1万5004名申请者，占全部申请人数的70％。
云顶新加坡宣布，在完全满足私下配售的份额外，其余4亿9699万债券全部给公众认购。
因为认购超额，公众认购部分超过1万元以上的将按照申请额度有相应分配比例。[牛魔王 (4-19 10:43, Long long ago)]
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(引用 牛魔王:云顶新加坡债券 获公众超额认购云顶新加坡债券 获公众超额认购
（2012-04-19）
云顶新加坡（Genting Singapore）推出5.125％的5�...)今天价格变动范围只有1.001-1.004，有点不懂。
是不是因为这个bond是perpetual，所以有了点equity的性质阿？
第一，genting可以选择不赎回它。所以这个bond永远不会default。
第二，genting可以选择不发coupon。而plain vanilla bond不发coupon的话，也是被认为是default了吧。
总之，这是个比较奇怪的bond，有点晕。觉得它的等级比plain vanilla bond要低。
[牛魔王 (4-19 10:53, Long long ago)]
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我排在1.01卖，看看能不能成交？Bond看来油水不大！若成，略有盈利。[昌昊 (4-19 13:02, Long long ago)] [ 传统版 | sForum ][登录后回复]12楼
(引用 昌昊:我排在1.01卖，看看能不能成交？Bond看来油水不大！若成，略有盈利。)卖了干啥？利息还是不错的。[侠气与醉狂 (4-19 13:04, Long long ago)] [ 传统版 | sForum ][登录后回复]13楼
(引用 昌昊:我排在1.01卖，看看能不能成交？Bond看来油水不大！若成，略有盈利。)还真成了，1.01[昌昊 (4-19 13:58, Long long ago)] [ 传统版 | sForum ][登录后回复]14楼
(引用 昌昊:我排在1.01卖，看看能不能成交？Bond看来油水不大！若成，略有盈利。)即使今天卖掉，也要到24日晚上才能拿到钱，赶不上申请情人酒店了。
但是下面一个ipo M&L一定要准备好钱搞，它的dividend yield很吸引人，估计会很火热。[牛魔王 (4-19 15:11, Long long ago)]
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(引用 牛魔王:今天价格变动范围只有1.001-1.004，有点不懂。
是不是因为这个bond是perpetual，所以有了点equity的性质阿？
第一，genting可以选择不赎...)估计是膨胀预期吧不用赎回就不会default, 这个逻辑很奇怪。 不法或者迟发coupon都是default.
所以， 这个default的几率一点都不比其他的bonds小。
当然，也是因为它不赎回， 所以没有固定的（fix)residual value. 应该会影响到它的价格。 因为现在利率已经是历史最低的了， 也就是说，这个bonds完全没有升值空间， 除非genting SP 的credit rating 升了。。。
就当是养老金吧。[victorama (4-20 10:00, Long long ago)]
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(引用 victorama:估计是膨胀预期吧不用赎回就不会default, 这个逻辑很奇怪。 不法或者迟发coupon都是default.
所以， 这个default的几率一点都不比其他的...)不用赎回，就不存在欠债不还的问题，反正可以一直欠着，所以就不会default了。
其实我最主要的意思是，不用赎回，就有点是equity的意思了。equity就是不用赎回的。[牛魔王 (4-20 10:13, Long long ago)]
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各位大佬, 请教一下利息发放的问题.1. 这个固定利息的发放是以现金的形式发放吗?
2. 现在这个债券上市交易, 那么决定把利息发放给谁是不是像股票分红一样, 到了XD的前一天为止,持有债券的人就entitle利息呢?
3. 是不是不管XD之前持有多久, 只要在record day时显示持有就可以全拿coupon payment?
第一次买债券, 盼各位解答.
谢谢[ewealthness (4-20 14:36, Long long ago)]
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(引用 牛魔王:即使今天卖掉，也要到24日晚上才能拿到钱，赶不上申请情人酒店了。 但是下面一个ipo M&L一定要准备好钱搞，它的dividend yield很吸引人，...)请问牛王, 什么时候开始申请? SGX上没有看到它.[ewealthness (4-20 14:40, Long long ago)] [ 传统版 | sForum ][登录后回复]19楼
姥姥，跌破发行价了！不会第一年就要毁约吧？993现在买利息高。[小眼儿 (5-18 10:00, Long long ago)] [ 传统版 | sForum ][登录后回复]20楼