Frasers Property (formerly: Frasers Cpt (FCL))
26-02-2015, 10:50 PM
Roadside sources remained story spinners as of now...
There are no lion cubs from elephant land as yet... The drama serial twist continues... more important Elephant remains in the den and hence there are always concepts to unfold...
27-02-2015, 09:49 AM
(26-02-2015, 10:50 PM)greengiraffe Wrote: Roadside sources remained story spinners as of now... GG is generously providing a good source of roadside news, with a good faith. Thank you Having said so, will it do good to our buddies here? Hmm... not very sure, IMO... 
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
27-02-2015, 11:12 AM
(27-02-2015, 09:49 AM)CityFarmer Wrote:(26-02-2015, 10:50 PM)greengiraffe Wrote: Roadside sources remained story spinners as of now... I try to provide what I deemed as important and logical roadside info. It is up to individuals here to form their own judgement. Having said all that, all buddies know that this forum is about value investment and hence info (if materialises) could just be a milestone for dynamic corporate developments. Its always Caveat Emptor. GG
27-02-2015, 11:29 AM
(27-02-2015, 11:12 AM)greengiraffe Wrote:(27-02-2015, 09:49 AM)CityFarmer Wrote:(26-02-2015, 10:50 PM)greengiraffe Wrote: Roadside sources remained story spinners as of now... Thank you. It is an important and useful disclaimer. 
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡
27-02-2015, 12:41 PM
Thanks GG. I appreciate the info and updates, keep them coming pls!
02-03-2015, 10:35 AM
> FRASERS Centrepoint (FCL) has launched its first perpetual bond issuance, which is also the biggest cash-raising exercise of its type by
> a non-bank firm in Singapore since 2012. > The developer priced the $600 million perpetual capital securities on Thursday, with orders coming in at over $3.5 billion. Another Perpetual offering news?
02-03-2015, 11:51 AM
**FRASERS CENTREPOINT LIMITED SGD SUBORDINATED PERP NC 5-UPDATE 1**
- New Frasers Centrepoint Limited (FCL) SGD Perp announced - Deal is significantly anchored by TCC Prosperity Limited - Initial price guidance: Low 5% - Issue Size: Benchmark - Structure: Perp NC 5, reset in year 5, step up 100bp in year 10, dividend pusher & stopper, deferred distributions are cumulative and compounding - Timing: This week's business, as early as today Initial Yield guidance at cost Low 5% Expected Issue Size SGD Benchmark Denomination SGD 250k x 250k Timing Books Open Comments To follow Step-up on Year 10 & every 5 yrs then-after (Coupon-reset) Year 5: prevailing SGD 5yr SOR + Initial Spread Year 10: prevailing SGD 5yr SOR + Initial Spread + 100bps Year 15: prevailing SGD 5yr SOR + Initial Spread + 100bps ..etc... Dividend pusher & stopper, deferred distributions are cumulative and compounding Risk Rating TBC LV TBC Issuer: FCL Treasury Pte. Ltd. Guarantor: Frasers Centrepoint Limited Issue: SGD Subordinated Perpetual Securities Ratings: Unrated Format: Regulation S only and S274/275 of SFA, SG; Issuance off S$3 Billion Multicurrency Debt Issuance Programme Issue Size: Benchmark Tenor: Perpetual NC5 Ranking: Subordinated; Senior only to Issuer's ordinary shares Call Option: [ ] 2020 & at every distribution date thereafter at par Distribution: Fixed. Reset in Year 5 based on prevailing SGD 5Y SOR plus the Initial Spread & every 5 years thereafter Step up: 100bps in Year 10 Distribution Payment: Semi-annually in arrear, actual/365 (fixed) Distribution Deferral: At issuer's discretion. Any deferred Distributions are cumulative and on a compounding basis Dividend Pusher: Yes, with 6 month look back period Dividend stopper: Yes Change of Control: Securities may be redeemed in whole, but not in part, at par upon Change of Control, otherwise Distribution steps up by 100bps Other Redemption: At par under taxation reasons, accounting reasons, tax deductibility reasons, minimal outstanding amount reasons Listing: SGX-ST Details: SGD250K/Multicurrency Debt Issuance Programme/Singapore Law/CDP Joint Global Coordinators: DBS Bank Ltd. and Maybank Kim Eng Joint Bookrunners: DBS Bank Ltd., Maybank Kim Eng, ANZ, Deutsche Bank, OCBC Bank, Standard Chartered Bank and UOB B&D: DBS Bank Ltd. Timing: This week's business, as early as today Comps: FCLSP4.88 Perp NC 5 callable 09/19: 100.60, 4.74%, SOR + 285 bps FCLSP3.7 04/19: 100.50, 3.57%, SOR + 176 bps Overview: FCL is an established international real estate company, domiciled in Singapore. It has core businesses property development, investment and management of commercial property, hospitality and property trusts, spanning Singapore, Malaysia, Australia, China, New Zealand, Thailand, Vietnam, the United Kingdom and the Middle East. As of 31 Aug 2014, FCL is 88% owned by TCC Group controlled by Mr. Charoen Sirivadhanabhakdi, which are demonstrative of their support to FCL by granting the latter a ROFR over any opportunity to develop, manage or invest in TCC Group’s real estate assets outside of Thailand. There is minimal conflict of interest between FCL and the TCC Group, with the latter having businesses in other industries. FCL was listed on SGX-ST in 9 Jan 2014, and as of 15 Sep 2014, it has a market capitalization of S$4.9bn (US$3.9bn equivalent). (02-03-2015, 10:35 AM)Contrarian Wrote: > FRASERS Centrepoint (FCL) has launched its first perpetual bond issuance, which is also the biggest cash-raising exercise of its type by
02-03-2015, 12:06 PM
(02-03-2015, 11:51 AM)greengiraffe Wrote: **FRASERS CENTREPOINT LIMITED SGD SUBORDINATED PERP NC 5-UPDATE 1** 5% seems quite high... that's around the same range as Genting Singapore's perps.
04-03-2015, 11:08 AM
24 Sep '14: 600m @ 4.88%
29 Sep '14: 200m @ 3.95% 02 Mar '15: 700m @ 5.00% Average out to be 4.8% perpetuals, it's actually lower than what CPF board is paying for our money in Special and Medisave accounts!
04-03-2015, 01:42 PM
Piggo San, IMO, 5% for perpetuals is actually very cheap for corporates. My investment fund manager friend told me in the past benchmark perpetuals yields are usually 9-10%.
Charoen really big appetite, he took up so much himself... $300M!!! |
|
« Next Oldest | Next Newest »
|
Homepage
PR Newswire
