tag:blogger.com,1999:blog-4193551343125110710.post3133670358413520292..comments2023-09-13T22:49:21.905+08:00Comments on 債券投資路: * 碧桂園 7.5% 3/9/2020天路客http://www.blogger.com/profile/00496804638424081479noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-4193551343125110710.post-60163570892114136952018-01-10T09:52:01.756+08:002018-01-10T09:52:01.756+08:00感謝分享感謝分享Ovationhttps://www.blogger.com/profile/01935616389083088241noreply@blogger.comtag:blogger.com,1999:blog-4193551343125110710.post-78567334868175209552016-10-24T18:47:25.971+08:002016-10-24T18:47:25.971+08:00所言甚是,期間有更好的可以換馬,感謝天兄的分析。所言甚是,期間有更好的可以換馬,感謝天兄的分析。忍藏https://www.blogger.com/profile/00237247232249747114noreply@blogger.comtag:blogger.com,1999:blog-4193551343125110710.post-9431672525523510472016-10-23T01:39:48.099+08:002016-10-23T01:39:48.099+08:00忍藏兄:今時今日BB+債券有5.3%也不錯了,雖然年期是七年。比較之下, 2020年債價錢相對更貴,...忍藏兄:今時今日BB+債券有5.3%也不錯了,雖然年期是七年。比較之下, 2020年債價錢相對更貴,只有4.3% YTC。你也提醒了我,應該考慮換馬到2023年債券。很多時買賣債券,都是因為換馬。既然有更好的選擇為何不換呢。雖然還有七年才到期,期閒也可以賣出換過另一隻更好的。是嗎?天路客https://www.blogger.com/profile/00496804638424081479noreply@blogger.comtag:blogger.com,1999:blog-4193551343125110710.post-67763417140098083552016-10-21T16:33:33.448+08:002016-10-21T16:33:33.448+08:00最近看到碧桂園另一直債4.75%coupon, Sep-2023到期 callable Sep-20...最近看到碧桂園另一直債4.75%coupon, Sep-2023到期 callable Sep-2020.<br />不知道天兄有否留意,YTM 5.29%, 只是年期接近7年,好似長了點,想請教一下天兄的意見。<br />謝謝!忍藏https://www.blogger.com/profile/00237247232249747114noreply@blogger.comtag:blogger.com,1999:blog-4193551343125110710.post-38468343434492883962016-06-12T10:56:58.231+08:002016-06-12T10:56:58.231+08:00😃😃😃碧桂園2020債沒有留意一陣子,居然升了不少!報106.375/106.75,😃😃😃碧桂園2020債沒有留意一陣子,居然升了不少!報106.375/106.75,天路客https://www.blogger.com/profile/00496804638424081479noreply@blogger.comtag:blogger.com,1999:blog-4193551343125110710.post-16541298190768843052016-05-04T00:13:50.552+08:002016-05-04T00:13:50.552+08:00碧桂園(02007)公布,連同合營公司及聯營公司,該集團今年首4個月共實現合同銷售金額約649.2億...碧桂園(02007)公布,連同合營公司及聯營公司,該集團今年首4個月共實現合同銷售金額約649.2億元(人民幣‧下同),期內合同銷售建築面積約830萬方米,較去年同期242.9億元及384萬方米,按年增長167%及116%。<br />其中,首4個月該公司權益所有人應佔之合同銷售金額及合同銷售建築面積,分別約502.6億元及683萬方米。<br />此外,「五一」假期期間(4月30日至5月2日),該集團連同其合營公司和聯營公司,共實現銷售認購金額約160.1億元,銷售認購建築面積約185萬方米。<br />其中,該公司權益所有人應佔之銷售認購金額及銷售認購建築面積,分別約120.6億元及143萬方米。天路客https://www.blogger.com/profile/00496804638424081479noreply@blogger.comtag:blogger.com,1999:blog-4193551343125110710.post-74688999771133162302016-03-23T23:15:15.233+08:002016-03-23T23:15:15.233+08:00碧桂園宣佈,於2016年3月18日決定向中國合資格投資者發行本金額為15.84億元人民幣(下同)的第...碧桂園宣佈,於2016年3月18日決定向中國合資格投資者發行本金額為15.84億元人民幣(下同)的第一批購房尾款應收賬款的資產支持證券。資產支持證券的一年期和二年期優先級份額發行利率分別為5.0%和 5.5%,發行額度均為6億;次優級份額的二年期證券發行利率為7.45%,發行額度為2.6億;次級份額發行額度為1.24億,無固定利率,其收益為優先級與次優級分派後的剩餘部分。發行的所得款項將用作為現有債務的再融資及一般營運資本用途。天路客https://www.blogger.com/profile/00496804638424081479noreply@blogger.comtag:blogger.com,1999:blog-4193551343125110710.post-47906396732429196292016-03-22T17:50:54.954+08:002016-03-22T17:50:54.954+08:00Bought @ 104.65
Yield to Maturity (YTM) (%) 6.18
D...Bought @ 104.65<br />Yield to Maturity (YTM) (%) 6.18<br />Duration(A+B)(in yrs.) 3.3620293709127993 <br />callable on 3/9/2018 or after @100<br />天路客https://www.blogger.com/profile/00496804638424081479noreply@blogger.comtag:blogger.com,1999:blog-4193551343125110710.post-52938948939219761442016-03-22T17:20:40.514+08:002016-03-22T17:20:40.514+08:00Announcement: Moody's: Country Garden's ra...Announcement: Moody's: Country Garden's rating headroom reduced by weak 2015 results <br />Global Credit Research - 16 Mar 2016 <br />Hong Kong, March 16, 2016 -- Moody's Investors Service says that Country Garden Holdings Company Limited's weakened credit metrics for 2015 has reduced its rating headroom, but the higher-than-expected leverage will not immediately affect the company's Ba1 corporate family or senior unsecured debt ratings. <br />The outlook for the firm is stable. <br />"The rating headroom on Country Garden's Ba1 ratings has been reduced by its higher-than-expected debt leverage in 2015," says Franco Leung, a Moody's Vice President and Senior Analyst. <br />Country Garden's debt leverage — as measured by revenue to adjusted debt and including perpetual capital securities — deteriorated to around 102% in 2015 versus 126% in 2014 because the company increased its land acquisitions to RMB55.95 billion from RMB16.17 billion in the same periods. <br />The company increased its debt funding and its adjusted debt increased to around RMB111.5 billion at end-2015 from RMB66.9 billion at end-2014. <br />Country Garden will likely remain active in land acquisitions in 2016, but Moody's expects that the company will maintain a modest contracted sales growth and healthy operating cash flow, which will in turn reduce its debt growth over the next 12-18 months. <br />In addition, Moody's expects that the company will continue to achieve growth in revenue, such that its revenue to debt will be brought back to a level ranging from 110%-120% in 2016; a result which would support its Ba1 ratings. <br />"Country Garden's weak credit metrics in 2015 was also driven by its lower profit margin," adds Leung, who is also the Lead Analyst for Country Garden. <br />Country Garden's gross profit margin fell to 20.2% in 2015 compared to 26.1% in 2014, mainly due to the recognition of low-margin properties sold in 2014, when China's property market was weak. As a result, the company's EBIT/interest coverage ratio fell moderately to 3.7x in 2015 from 3.9x in 2014. <br />Moody's expects that Country Garden's gross margin will improve moderately to 21%-24% in 2016, because it will recognize higher-margin properties sold in 2015. <br />Country Garden's declining gross margins have prompted the company to reduce its borrowing costs. Its weighted average interest rate fell to 6.20% in 2015 from 7.59% in 2014. Moody's expects Country Garden to further manage down its average funding cost to improve its EBIT interest coverage to 3.8x-4.0x in 2016. <br />Despite Country Garden's significant exposure to third and fourth tier cities, the company achieved a 7.1% year-on-year growth in contracted sales to RMB140.2 billion in 2015; a result which reflects its strong sales execution. <br />The company continued to demonstrate strong sales momentum into 2016, achieving around RMB23.7 billion in contracted sales in the two months between January and February 2016. The amount represents 14% of its sales target for the year. <br />Country Garden's liquidity position is strong. Its cash holdings — including restricted cash — increased significantly to RMB47.9 billion at end-2015 from RMB27.2 billion at end June-2015. As a result, its cash to short-term debt strengthened to about 210% from about 141% over the same period. <br />The principal methodology used in these ratings was Homebuilding And Property Development Industry published in April 2015. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology. <br />Country Garden Holdings Company Limited, founded in 1997 and listed on the Hong Kong Stock Exchange, is a leading Chinese integrated property developer. At end-2015, its land bank totaled a sizeable 109.8 million square meters in attributable gross floor area. <br />At end-2015, it owned and operated 59 hotels with a total of 13,819 rooms. The hotels were located mainly in Guangdong Province, and support its development of townships. <br />天路客https://www.blogger.com/profile/00496804638424081479noreply@blogger.com