Last 1D chg 1W chg Last 1D chg 1W chg Yields and Spreads (bps) Commodity DE10Y 2.58 -7.3 -14.9 Gold 3053.36 0.52% -2.23% BP10Y 4.45 -7.2 -24.6 Silver 30.77 4.03% -9.70% JP10Y 1.14 -8.3 -35.6 Copper 426.15 -3.03% -15.21% AU10Y 4.15 -6.7 -23.5 Soybean 986 0.92% -2.83% US10Y 3.93 -6.6 -27.7 Wheat 531.25 0.47% -1.02%…...
Market Context The market is currently absorbing a new USD mandate from Coastal Emerald Limited, rated A3 by Moody’s and A by Fitch. Understanding its pricing relative to comparable issuers and its credit profile is crucial for evaluating its attractiveness for institutional investors. New Issue Recap Cur Issuer / Obligor Rating (M/S/F) Tenor / Maturity…...
Singapore’s VCC: A Quiet Revolution in Wealth Management Singapore’s ascent as a global wealth management hub continues—with the Variable Capital Company (VCC) emerging as one of its most powerful tools yet. Launched in January 2020 under the Variable Capital Companies Act, the VCC introduces a corporate structure designed specifically for investment funds. Unlike traditional corporate…...
Mastering the Order of Things: Debt Hierarchy and Bond Features Understanding the debt hierarchy (senior vs. subordinated, and the concept of structural subordination) is critical for assessing your recovery prospects in a downturn. For example, in a bankruptcy, senior secured bondholders (backed by specific assets) are typically paid before senior unsecured bondholders, who are paid…...
Decoding the Danger Zone: Understanding the Core Risks (Continued from our earlier discussion) Inflation risk could silently erode your returns Inflation reduces the purchasing power of your returns. If your bond’s yield is lower than the inflation rate, you’re losing ground in real terms. Imagine having bought a bond yielding 2%, but inflation rises to…...
The Multi-Million Dollar Mistake: Why Even the Savviest Investors Can’t Ignore the Fine Print of a Bond Prospectus (The Credit Suisse Wake-Up Call) You have achieved remarkable financial success through sharp acumen and meticulous due diligence. Yet, a seemingly stable corner of the investment world – bonds – can harbor hidden risks that demand your…...
New Issue Recap Cur Issuer / Obligor Rating (M/S/F) Tenor / Maturity IPG / FPG Rank Denoms (k) Nature Price Guidance Yield (%) USD Bank of the Philippine Islands / BBB+ / 5Y CT5 + 130 bps area / Senior Unsecured 200 x 1 Live Deal 5.4 USD ANQING YIXIU DISTRICT BEAUTIFUL VILLAGE… / /…...
New Issue Recap Cur Issuer / Obligor Rating (M/S/F) Tenor / Maturity IPG / FPG Rank Price Guidance Yield (%) USD Far East Horizon Limited / BBB- / 3.5Y T3+255bps area / Senior Unsecured 6.56 USD MTR Corporation Limited Aa3 / AA+ / 5Y T5 + 75 bps area / Senior Unsecured 4.84 USD LG…...
In this article, we will explore how investors can utilize bonds to construct a stable cash flow portfolio. We will focus on a bottom-up approach to guide investors in creating an optimal portfolio based on their risk tolerance, desired returns, and specific investment timelines. 1. Understanding Investor’s Risk Appetite Before building any portfolio, investors must…...
Companies typically offer a certain New Issue Premium (NIP) as an incentive to encourage investors to participate in primary market auctions, ensuring they can meet their financing needs. As a result, investors usually receive a premium when participating in new issuances, benefiting from more attractive pricing and better investment opportunities. This article focuses on such…...
