SMC Global Power is Philippine's largest independent power company by installed capacity, supplying 22 percent of the Luzon grid and 17 percent of the national grid.
Conglomerate San Miguel Corp wholly owns the company.
The 6.75% bonds will step up by 250bp if not called on 2/21/2021 ,reset Rate = T5 + Initial Spread (5.169%) + Step-Up Margin (2.5%),and by a further 250bp if there is a change of control. Dividends can be deferred, but are cumulative.
The 7.5% bond will reset to UST 5yrs+8.375% if not called in 11/2019
SMC Global Power 6.75%pert 簡介
SMC Global 6.75% bond feature & price quote Link
In a relatively short period, San Miguel has built a vertically integrated power company with a full spectrum of power businesses comprising of IPPA contracts through holding company SMC Global Power Holdings. Being a vertically integrated power company gives SMC the opportunity to compete and maximize value in key segments of the value chain by driving and capitalizing on synergies among fuel sourcing, power generation and power distribution.
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flood the Pangasinan plains, and improvement of water quality of the Agno River which, otherwise, would pollute the downstream rivers. On December 15, 2009, SPDC (San Roque) successfully bid for the appointment to be the IPPA for the San Roque Power Plant and received a notice of award on December 28, 2009. SPDC (San Roque) assumed administration of the San Roque Power Plant on January 26, 2010 in accordance with an IPPA agreement with PSALM.
Greenfield Power Plant
Designed to initially produce up to 900 megawatts of electricity using the most modern combustion technologies that meet international environment standards, our new power plants in alita, Davao and Limay, Bataan, will help bring about security in power supply.
6.75% bond 96.5/96.875
回覆刪除bought 7.5% 11/2016 @103.4, Yield to call=6.5%, Duration if called=3.17
回覆刪除Reason to buy:
1) Good parent background support from San Miguel
2) Location risk reduced,spread beyond greater china, Philippine
3) Generate 20% electricity for the country,vital business
4) If not called in 11/2019, rate jump to 5yrs UST+8.375%, most likely to be called.
5)
6.75% pert is also a good buy for future, on close watch
刪除6.75% bond 97.35/98.125 rose gradually
回覆刪除98.7
回覆刪除