新昌營造 (HK404) HSINCG8.75 5/18/2018

                                                                                                               新昌營造集團網站

ISSUER	BOND	YTW	YTM	Price	Dur	穆迪	SP	Finn	Special Feature	Updated
HSIN CHEONG(404HK)	HSINCG8.75 5/18/18		7.13%	103.65	2.2	NA	NA	NA		12/4/15
			7.77%	102.1	2.1					1/19/16
				81						2/17/16
				84.15						2/19/16

ISSUER	BOND	YTW	YTM	Price	Dur	穆迪	SP	Finn	Special Feature	Updated
HSIN CHEONG(404HK)	HSINCG8.5 1/15/19		8.0	101.35	2.6	NA	NA	NA		1/19/16
				81						2/17/16

新昌最新債價參考中銀網站

新昌事件簿

16/1/2016

Hsin Chong Construction Group’s due-2018 and due-2019 bonds fell more than 10 points this morning [16 February] on a bank pulling margin financing for company-issued securities amid rumors that two key relationship banks are considering pulling their credit lines, according to six market sources. A spokesperson for the construction-turned-development company denied the rumors that credit facilities might be cut. Hsin Chong’s unrated USD 300m, 8.75% due-2018s and USD 150m, 8.5% due-2019s were indicated at the high-80s shortly before lunchtime in Hong Kong, with substantial offer interest but limited bids, a dealer said. In response to a “policy change,” Hang Seng Bank this week cut its margin financing level for securities issued by Hsin Chong to 0%, from 45%, a wealth management relationship manager at the bank said. The two tranches of notes are largely held by retail accounts in part because many institutional investors are concerned about the company’s growth plan in ostensibly low-value cities as well as related-party transactions and the mysterious departure of a well-regarded chairman and CEO late last year, as reported. Hang Seng along with parent HSBC are the two banks rumored to be considering pulling lines, four of the six market sources said. A banker close to the situation and a person with knowledge of the matter said the banks are “running down” their credit facilities extended to the firm.HSBC and Hang Seng are the first two names on the non-alphabetical list of the company’s principal banks, as per its 1H15 report. While there is little disclosed on the relationship, another source familiar said at minimum, Hsin Chong has outstanding a CNY 1bn (USD 153.5m) facility from Hang Seng secured by a Beijing project valued at 2x more than the outstanding. The two banks did not respond for comment. As of end-June, Hsin Chong had HKD 3bn (USD 385m) unrestricted cash against HKD 3.13bn bank borrowings and HKD 2.38bn of other borrowings from financial institutions maturing in the subsequent 12 months, according to the company’s interim report. It had restricted cash of HKD 25.9m. The company issued the USD 150m due-2019s in January this year, part of a combined USD 550m of debt it raised since May 2015 to refinance mostly PRC-entrusted loans backed by newly acquired projects as well as to fund the initial deposits for its construction projects in Hong Kong, as reported. Bankers since early this month have sounded out interest in Hsin Chong potentially tapping the due-2019s, according to two of the six market sources who were approached. Bonanza As reported, a shift in Hong Kong-based Hsin Chong’s business focus to the high-capex property development in China might in part erode the company’s strong fundamentals built upon its stable Hong Kong construction business. Hsin Chong has been raising money largely because it won more than HKD 15bn construction project contracts in Hong Kong last year, nearly 3x more than 2014, the company spokesman said. Hsin Chong generally needs to chip in 3%-7% cash as a performance bond for every contract it wins, he added. There is also generally a roughly two-month time lag between the company’s outlay on a project for items like salaries and materials and when it gets reimbursed, he said. The company relies on lending from commercial banks to fund the working capital, he said. Hsin Chong is in a blackout period and scheduled to release its FY15 results in late March, the company spokesperson said

13/01/2016 

新昌營造（００４０４）發三年期票據，息率約８﹒５％

新昌營造（００４０４）公布擬發行以美元計值的優先票據，為其建造業務提供營運資金及用於一般企業目的。市場消息指出，新昌營造發行的為三年期票據，息率約８﹒５％。

9/01/2016 

新昌營造（０４０４）向前主席王英偉發３４００萬元換股債作花紅

新昌營造（００４０４）公布，與認購人王英偉訂立契據，發行本金總額３４００萬元之可換股債券。債券不計任何利息，為期兩年；可轉換為３４００萬股，佔擴大後股本約０﹒６５％；換股價為１元，較前收市價０﹒７４元溢價約３５﹒１４％。
　　公司指發行換股債，為認購人於去年１月１日至１０月３１日期間履行公司執行董事、執行
主席兼行政總裁職責之表現花紅。

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