我的聲明

我的聲明:

這blog原是用來紀錄我收集各樣債券的資料和知識,方便自己学習。非我原創性的文章,都会儘量標明出處或作者。Blog內紀錄的債券不代表我擁有或建議任何人投資。每個人都要為自已的投資決定負責任。

我主要投資直債或Reits。歡迎大家一同交流,互相鼓勵。如果你有好的債券分析,也歡迎email給我放上來,公諸同好!

我也有另外一個網誌"Reits World 我的房託世界"是關於投資REITS的,歡迎瀏覽。http://reitsworld.blogspot.hk

2016年3月20日星期日

* SMC Global Power 7.5 % ,6.75% Pert


 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.

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.

5 則留言:

  1. bought 7.5% 11/2016 @103.4, Yield to call=6.5%, Duration if called=3.17
    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)

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    1. 6.75% pert is also a good buy for future, on close watch

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  2. 6.75% bond 97.35/98.125 rose gradually

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