* 麗新LASUDE 5.7 1/18/2018

ISSUER	BOND	YTW	YTM	Price	Dur	穆迪	SP	Finn	Special Feature	Updated
Lai Sun int'n Finance	LASUDE 5.7 1/18/18		4.84%	101.5	1.74	NA	NA	NA		3/9/2016

麗新債價參考連結

麗新事件簿

* 香港航空 HONAIR 6.9 1/20/2019

香港航空官方網頁

HONAIR 6.9% 1/20/2019 offer circular

最新債價參考bondsupermart

ISSUER

BOND

YTW

YTM

Price

Dur

穆迪

SP

Finn

Special Feature

Updated

香港航空

HONAIR 6.9 1/20/19

6.71%

100.5

2.6

NA

NA

No

2/11/16

發行人背景及營運概況

香港航空是一家提供全方位服務的航空公司，總部設於香港而業務主要集中於國內市場。據一份於2014年由獨立第三方發表的報告指，香港航空在香港錄得第二多的每週客機離境量，佔市場份額約8.3%。香港航空於2010年至2014年間為增長最快的香港航空企業。當中香港至國內的航線市場份額由2012的10.5%增加至2014年的19.9%。年度營業額由2012年的62.5億港元（下同）增加至97億，純利由2012年的2.75億增加至4.1億。債務狀況方面，截至2014年12月31日，香港航空的總負債為185億，流動負債為61.9億，利息支出為6.8億，從數據可以留意到，香港航空雖然營運時間較短（於2001年開始營運），但其融資渠道十分成熟，債務結構其實不俗，香港航空只有約三成的負債為流動負債，所以債務對企業的資金流需求亦較少。

2016年航空業展望

於2016年，航空業整體將受惠於低油價，而油價預期將維持一段低水平直至一眾產油國願意減產，而目前伊朗重回國際油市，原油出口量暫時未見任何減產的跡象，航空企業未來一段日子將會以較低的營運成本經營業務。雖然中國經濟放緩，但2015年航空業的增長比整體經濟增長更高。據標準普爾的2016年市場研究報告指，航空業受惠於個人收入上升、全球化及低成本競爭等因素，雖然利潤較高的商務客運及運輸業務受金融及製造業影響，但2015年航空業的表現增長依然比整體經濟增長高。期望於2016年航空業的增長將會與2015年的增長持平。

行業的潛在風險

儘管航空業預期將維持2015年的增長幅度，但航空業本身的投資風險亦較高，由於抵押客貨機的價值甚高，如此低成本競爭的環境有可能令航空業發展急速，如果加上突發性的經濟因素，有可能會令行業出現供過於求的情況，不過目前就經濟基本面而言未見出現供過於求。另外，全球的恐怖襲擊數字有上升趨勢，有可能影響市民外遊的意欲。不過恐襲主要集中在歐美及中東地區，亞洲似乎暫未成為受恐襲影響的地區，集中於香港至國內業務的香港航空未必受恐襲影響其營業額。

香港航空事件簿

3/9/2016

香港航空斥資１８億元建飛行培訓中心

經濟通通訊社９日專訊》香港航空斥資１８億元，在機場興建飛行培訓中心，預計將於２
０１８年落成，提供航空相關的多種專業培訓設施。
　　該培訓中心工地面積約５８５８平方米，樓高１１層，設總樓面面積不少於２２９０７平方
米的大樓，當中包括飛行訓練大樓及行政大樓。建築及硬件配備均是按照國際飛行訓練中心標準
而設計。
　　香港航空首席營運官王證皓表示，培訓中心落成後，主要為機組人員及現職機師提供培訓。
港航長遠計劃提供見習機師訓練，培養本地機師，但需時向相關航空監管機構申請。

* RELIANCE COMMUNICATION 6.5 11/6/2020

RELIANCE COMMUNICATION ( Reliance Communication Website) ISSUER BOND YTW YTM Price Dur Moody SP Finn Special Feature Updated Reliance Communication 6.5 11/6/20 6.00% 102 4 Ba3 BB- No 2/13/16 Reliance最新債價參考bondsupermart網站 The company is 58% owned by the Reliance Group's subsidiaries. Special Features           :           None Structure                       :           Senior Secured 5.5yr Rating             :           Ba3 (Moody’s)/BB- (Fitch) Yield guidance              :           6.5% Profile of Reliance Communication ( RCOMIN ) ·         RCOMIN is Indian telco that provides mobile services, broadband,  and undersea cable business. ·         4th largest integrated mobile operator in India ·         80% of revenue from India, 20% outside of India. ·         RCOMIN is 58% owned by Reliance Group related companies. India wireless Industry ·         2nd largest wireless market after China. ·         High growth rate over the last 5 year ( compounded annual growth rate of 21% ) ·         Relatively low penetration rate of 71% ( versus China at 89% ). Bonds are secured by: ·         Plant and machinery including tower assets and optic fiber cables. ·         Telecom licenses. ·         Pledge over shares of its interest in unlisted RCIL and RTL. Strength and weakness according to the prospectus and rating company: Strength  Indian wireless market is a high growth market.  Fall in oil price is positive for Indian telcos, which spend close to 4.5% of their mobile        revenues on diesel in order to keep their base stations running in the face of acute power scarcity.  Management has commited to deleverage in the next 2 years.  They are in the process of looking to sell GCX. Weakness ·         Uncertain regulatory environment. ·         Forex risk due to substantial amount of USD debt. ·         Higher leverage than peers such as Bharti Airtel and Idea Cellular. Comparables : Indian High Yield Bonds GCX LTD ( Global Cloud Exchange ) 7%  8/1/2019 B2 ,YTW=6.24%  (callable on 8/1/16@105) ,now@102.79 GCX currently operates five subsea cable networks. Currently wholly owned by Reliance Communications,  but is in talks to sell 50% to a strategic investor ( possibly Citic Telecom ) Delhi Airport 6.125% 2/3/2022  Ba1, BB YTW=5.11% now@105.75 Delhi Airport is the largest and busiest airport in India.  Ownership : GMR 54%, Airport Authority India 26%, Malaysia Airport 10%, Fraport 10%.  Comments from Bondsupermart 2/15/16 Indian offshore bond market The Indian offshore bond market is a fairly concise segment, with approximately 118 outstanding USD-denominated bonds issued by Indian corporates, representing around USD45 billion worth of bond principal (at the time of writing). Amongst these, just 89 constitute bond issues of USD100m or more, while 63 issues representing USD41 billion are included in the popular JPM Asia Credit Core index – this brings India's representation within the index to around 11.3% (as of 4 February 2016), ranking it behind South Korea, China, Indonesia, the Philippines and Hong Kong. Within the concise universe of the more liquid India offshore bonds, yields currently span between 2.3% and 32.4% (distressed yields in the case of more troubled issuers like Rolta, Vedanta Resources and JSW Steel), offering investors a wide selection of bonds catering to different risk-reward profiles. For investors seeking stronger yields in the India bond market, Reliance Communications' RCOMIN 6.500% 06Nov2020 Corp (USD) may be an interesting option. Reliance Communications Ltd is a leading India-based telecommunication firm – the company is listed on the National Stock Exchange of India, and currently sports a market capitalisation of around USD2.1 billion (as of 5 February 2016).   In this article, we suggest three reasons why investors should take a closer look at Reliance Communications' RCOMIN 6.500% 06Nov2020 Corp (USD). 1. One of the highest-yielding India offshore bonds While yields in the India offshore bond market (within our defined liquid universe of India offshore bonds) span between 2.3% and 32.4% (as of 5 Feb 16), the median yield is a mere 3.8%, a function of the large number of investment-grade paper in the segment. Some of the largest names (by bond principal size) in the segment include investment-grade (land ower-yielding) credit from Bharti Airtel, Reliance Holdings as well as ICICI Bank, weighing down on yields for the overall segment. Outside of the more troubled spectre of the Indian bond market (for the likes of Rolta, Vedanta Resources and JSW Steel), Reliance Communications' RCOMIN 6.500% 06Nov2020 Corp (USD) are amongst the highest-yielding bonds in the market – the bonds are currently quoted at around 102.25 (ask), representing a decent yield-to-maturity of 5.94%. This higher yield is also a function of the non-investment grade rating for the bonds, which are rated Ba3 and BB- by Moody's and Fitch Ratings respectively. 2. Strong shareholders Reliance Communication Ltd is part of the larger Reliance Group (the Reliance Anil Dhirubhai Ambani Group), which consists of Reliance Capital, Reliance Communications, Reliance Infrastructure, Reliance Entertainment and Reliance Power. The Reliance Group was formed in 2005 following the split of the larger Reliance entity into Reliance Industries (focusing on oil refining) and the Reliance Anil Dhirubhai Ambani Group of companies (focusing on telecommunications, power, entertainment and financial services). As of 31 December 2015, 58.85% of the company was owned by Anil Dhirubhai Ambani and his associated companies, which are also the company's promoters/controlling shareholders. 3. Resilient business Unlike its non-investment grade peers in the India bond market (Vedanta Resources, JSW Steel, Tata Steel) which are in the more volatile resources-related sector, Reliance Communication operates in the more defensive telecommunication services business, and is one of the leading integrated private sector communication service providers in India; the firm counts companies like Bharti Airtel, Idea Cellular and Tata Communications as its peers. As shown in Chart 1, the firm's EBITA has been fairly resilient, allowing for interest coverage (EBITDA to Interest Expense) to remain at a fairly reasonable 2.62x (as of end-Dec 15), suggesting that the company is well-positioned to continue servicing debt obligations.