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Singapore Infrastructure Bonds: Q&A

In light of the new infrastructure bonds announced by the Singapore government in the 2021 Budget, here are some Q&A put to us on the topic.

Timothy Ang  |   30 Mar 2021  | 74 

Keppel REIT Credit Snapshot: Owner of Singapore’s CBD Jewels

Keppel REIT is the owner of Singapore's CBD crown jewels: Ocean Financial Centre, Marina Bay Financial Centre, and One Raffles Quay.

Timothy Ang  |   22 Mar 2021  | 102 

Astrea VI: Back with Popular Demand

Astrea VI bonds are the latest bonds issued under the Astrea bond series. The bonds are secured by cash flows from private-equity funds.

Timothy Ang  |   10 Mar 2021  | 502 

Phillip Capital – Astrea Investor Day 2021 Highlights

We attended Azalea’s Astrea Investor Day 2021 on 28 January 2021. Azalea gave an update on the bonds’ portfolio performances. Here are the highlights.

Timothy Ang  |   19 Feb 2021  | 274 

Singapore Press Holdings: 1Q21 Operational Update

We attended SPH’s update on its 1Q21 operations on Wednesday, 19 January 2021. Here are the highlights.

Timothy Ang  |   22 Jan 2021  | 189 

Aspial Corporation Limited: Bond Exchange Offer

issuer Aspial Treasury Pte. Ltd. and guarantor Aspial Corporation Limited have announced an exchange offer for the group’s existing notes maturing in 2021.

Timothy Ang  |   08 Jan 2021  | 303 

Lippo Malls Indonesia Retail Trust: Stoppage of Perpetual Distributions

Lippo Malls Indonesia Retail Trust announced that distribution due to be paid on 19 December 2020 for its LMRTSP 6.6% perpetual bond will not be paid.

Timothy Ang  |   18 Dec 2020  | 592 

Aviva Singlife Holdings Pte Ltd – New 3.75% IPG Tier 2 Bond Issue

Aviva Singlife Holdings Pte. Ltd. (ASH) has launched a dated callable subordinated note at IPG of 3.75% callable in 5.25 years and maturing in 10.25 years.

Timothy Ang  |   17 Nov 2020  | 482 

Phillip Model Bond Portfolio Review – Month 2

The Phillip Model Bond Portfolio outperformed the benchmark for the month and displayed lower volatility in returns throughout.

Timothy Ang  |   26 Oct 2020  | 398 

What Happens To A Defaulted Bond?

The biggest fear for most bondholders is a default, but not all hope is lost. We explore the ways and options a company has in a default.

Timothy Ang  |   16 Sep 2020  | 460 

Guide To Online Wholesale Bonds Trading

Trading wholesale bonds online is easy to learn. Here’s a step by step guide on how to trade wholesale bonds online on our POEMS 2.0 trading platform.

Timothy Ang  |   11 Sep 2020  | 429 

Mapletree Logistics Trust – Unfazed By The Pandemic

We are Overweight on the MLTSP 4.18% Perp Corp (SGD) with a yield to call of 3.15% and yield to worst of 3.08%

Timothy Ang  |   07 Sep 2020  | 340 

Centurion Corporation Limited: Stable So Far

Impact of COVID-19 showed in 2Q20, hitting Purpose-Built Student Accommodation (PBSA) segment the hardest. We are Neutral on the CENSP 22NC21.

Timothy Ang  |   18 Aug 2020  | 431 

Phillip Model Bond Portfolio: 18 August 2020

We launch our Phillip Model Bond Portfolio consisting of wholesale corporate bond picks (minimum denomination of S$250k) for fixed income investors.

Timothy Ang  |   18 Aug 2020  | 434 

AIMS APAC REIT: New 5 Year Non-Call Perpetual Bond

AIMS APAC REIT (AAREIT) new subordinated perpetual bond issue 5-year non-call with Initial Price Guidance at 5.75% area and reset on 5-year SOR + IS.

Timothy Ang  |   06 Aug 2020  | 298 

Bonds50 Product Launch: Greater Bond Flexibility

To make bonds more accessible to investors, Phillip Bond Desk is proud to launch our new Bonds50 product line traded in denominations of SGD50k.

Timothy Ang  |   20 Aug 2020  | 744 

Oxley Holdings Ltd: OHLSP 6.375% 21Apr2021 Corp (USD)

The Oxley 6.375% Corp USD bond has been on our radar for a while for its compelling value. We provide colour on Oxley Limited's debt repayment ability.

Timothy Ang  |   17 Jul 2020  | 363 

Ascott Residence Trust: Flush With Liquidity

While COVID-19 heavily hit operations causing some lessees to file for bankruptcy, we note that Ascott Residence Trust healthy balance sheet.

Timothy Ang  |   03 Jul 2020  | 291 

SPH REIT: Into The Tailwind of Phase 2

As one of the lowest geared REITs in Singapore, SPH REIT has buffers to pull through, while gradual phases reopening will be a tailwind for retail REITs.

Timothy Ang  |   30 Jun 2020  | 281 

Perpetual Bond Structures: Non-Call Risk

We will touch on the various structures that perpetual bonds can have that help reduce non-call risk.

Timothy Ang  |   09 Jun 2020  | 411 

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