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1月20日星期三

盈德氣体(2168HK) YINGDZ 8.125 4/22/2018



ISSUERBOND YTWYTM PriceDur穆迪SPFinnSpecial FeatureUpdated
盈德氣体(2168HK)YINGDZ8.125 4/22/1814.33%87.3752.2B1BB-BB-
12/4/15
15.21%
    86.375
2.11/20/16
18.97%811/28/16
78.72/1/16


盈德事件簿

1/26/2016

評級機構穆迪表示,已將盈德氣體(02168.HK) 的「B1」公司家族評級和盈德氣體投資有限公司發行的,由盈德氣體提供擔保債券的「B2」高級無抵押債務評級列入下調覆評名單。
評級覆評反映穆迪對於鋼鐵行業長期負面的運營環境將增加盈德氣體的流動性風險,並將對該公司運營資金狀況造成負面影響的擔憂。
穆迪指出,截至去年6月30日,盈德氣體報告短期債務和租賃債務總計約29億元人民幣,與該公司同期9億元人民幣的限制用途現金和測算10億元人民幣左右的年運營現金流相比,該債務規模偏大。
此外,穆迪預計該公司資本支出約10億元人民幣,並且將繼續派發股利。這意味著盈德氣體需實施規模較大的短期債務再融資,或實施大規模債務融資以滿足其資本支出需求,但鋼鐵行業低迷將對該公司發行新債務或實現短期債務再融資的能力帶來挑戰。
穆迪亦預計盈德氣體應收賬款催收進展依舊緩慢,因為該公司大量收入均來自鋼鐵行業,而穆迪對鋼鐵行業的展望為負面。



2016年1月19日星期二

人生的第一個債券基金


2014年尾,我買了人生的第一個債券基金,是惠理的大中華高收益債券基金 - P類MDis 港元,每月派息超過9%。持有7個月,基金價格輾轉向下,計入派息,算賬是打和多少少,賣出了結。這印證了買債券基金不能保本,高派息部份是從本金而來。賺息蝕價,白忙一場,如今日結算,結果也是一樣食白果算是學了一課!

* 我的第一隻債券 建業地產


我擁有的第一隻債券是建業地產 Central China real Estate Ltd(832HK)的2018年到期債券,票面息口6.5%,買入時YTM=7.22%

ISSUERBOND YTWYTM PriceDur穆迪SPFinnSpecial FeatureUpdated
建業地產(832HK)CENCHI 6.5 6/4/187.22%98.352.3 Ba3BB-12/2/15
98.61/19/16

ISSUERBOND YTWYTM PriceDur穆迪SPFinnSpecial FeatureUpdated
建業地產(832HK)CENCHI 8 1/28/208.21%99.253.7 Ba3BB-12/2/15
1/19/16

最新債價參考(輝立証券)
最新債價參考(中銀網站)

最新公司及財務資料
信報網站

建業事件簿

9/3/2016
建業地產(00832.HK)公布,2月份,集團取得物業合同銷售額4.15億元人民幣,同比增70.5%,合同銷售建築面積78,661平方米,同比增50.8%。每平方米平均銷售價格為5,279元人民幣,同比增13%。

累計今年首兩個月,集團已取得物業合同銷售總額7.79億元人民幣,同比增66.8%,總合同銷售建築面積132,319平方米,同比增48.9%。每平方米平均銷售價格為5,888元人民幣,同比增12%。

15/2/2016

建業地產1月物業合同銷售額升63%

建業地產(00832)公布,1月物業合同銷售額3.64億元(人民幣‧下同),按年增加62.7%。期內,合同銷售建築面積5.36萬平方米,增加46.2%;每平方米平均銷售價格6780元,增加11.3%。


04/02/2016 
《神州民企》建業地產(832)1﹒72億元收購洛陽市多用途地
建業地產(00832)公布,於上月25日,集團於一掛牌出讓中,投得一幅位於洛陽市高新區土地使用權,總金額1﹒72億元(人民幣.下同)。
  土地位於洛陽市高新區河洛路以南、春城路以西、延光路以北,總占地面積約37416平
方米。公司預計,總建築面積約187820平方米,折合每平方米樓面地價約為917元。
  項目將作多用途發展,包括住宅、商業及車庫。建業地產計劃於2016年上半年開工,並
於2019年上半年竣工。
02/02/2016 
《神州民企》建業地產(0832)非全資附屬就貸款抵押鄭州土地
建業地產(00832)持有51%股權之附屬建業泰宏抵押鄭州總地盤面積約7萬平方米的三幅土地押記予中行,以作為該行授出3億元人民幣受託貸款責任之抵押品。公司通告





*DAWN VICTOR(5524HK) 5.5 6/5/2018

ISSUERBOND YTWYTM PriceDur穆迪SPFinnSpecial FeatureUpdated
DAWN VICTOR(5524HK)5.5 6/5/184.830%4.83%101.552.3 NANANAcallable12/3/15
101.731/19/16
4.47%102.1253/21/16

最新債價參考(BOC)

最新債價參考(FSM)
  • Dawn Victor Limited is looking to issue 3-year USD-denominated bonds with an indicative yield of 5.75%
  • Founder Information(Hong Kong) Limited is the guarantor
  • Issuer and Guarantor are subsidiaries of Peking University Founder Group Company Limited, which is in turn 70% owned by Peking University
  • Group involved in IT, healthcare, pharmaceuticals, finance, securities and bulk commodities trading
  • Holds interests in six publically-listed companies (Shanghai, Shenzhen and Hong Kong)
  • Peking University Founder Group Company Limited delivered net profit of USD314m in FY2014 on revenues of USD12.048b; EBITDA of CNY7.006b in FY2014 for EBITDA/Interest Expense (interest coverage) of 1.8X

Understanding the company’s Ownership
The bond’s guarantor, Founder Information (Hong Kong) Limited is 81.64% owned (both direct and indirect interests) by Peking University Founder Group Company Limited, a company headquartered in the PRC. Peking University Founder Group Company Limited is a state-owned conglomerate which is closely affiliated to Peking University (and hence, the PRC government), due to Peking University’s 70% ownership of Peking Founder Group Company Limited; the other 30% stake is held by Beijing Zhaorun Investments Management Co., Ltd, which is controlled by employees of the group.
Owns stakes in various listed entities
Peking University Founder Group Company Limited is involved in information technology, healthcare and pharmaceuticals, finance and securities, bulk commodities trading and other businesses such as property management, property development, education and training, and steel production. At the time of writing, the group held key interests in six publically-listed companies* (listed on the Hong Kong Stock Exchange, Shanghai Stock Exchange as well as the Shenzhen Stock Exchange).
*Group’s stakes in Founder Securities, PKU Healthcare, Founder Holdings, China Hi-Tech, Founder Technology and PKU Resources Holdings range from 11.65% to 57.15%.
Fairly strong indication of government support
Peking University is wholly-owned by the Ministry of Finance of the PRC, and is controlled by the Ministry of Education. Given that Peking University holds a majority (70%) stake in Peking University Founder Group Company Limited (which in turn holds 81.64% of the bond’s guarantor), this implies a fairly strong level of government support for the entity.
Conglomerate was profitable in both 2013 and 2014
Based on filings relating to the bond issue, Peking University Founder Group Company Limited delivered net profit of USD314m in FY2014 on revenues of USD12.048b; the group was also profitable in 2013. In relation to interest coverage, the company recorded EBITDA of CNY7.006b in FY2014, to derive an EBITDA/Interest Expense (interest coverage) of 1.8X, which suggests a reasonable ability to continue servicing its liabilities.

* HNA海航集團 SANYPH 8.125 12/3/2018






海航集團簡介

ISSUERBOND YTWYTM PriceDur穆迪SPFinnSpecial FeatureUpdated
HNA海航國際集團SANYPH 8.125 12/3/187.97%100.42.6 NANANA12/23/15
100.251/19/16


ISINXS1259361050
IssuerHNA Group (International) Company Ltd
GuarantorHNA Group Co., Limited
Issue Price100.000
Issue Date03-Dec-2015
Maturity
Date

03-Dec-2018

海航事件簿

2/18/2016


China's HNA to buy US tech distribution firm Ingram Micro for US$6b

The HNA deal will be among the top ten most valuable acquisitions made by a Chinese company, and it will be buying Ingram Micro, which distributes products for the likes of Apple, Microsoft, IBM and Cisco.SHANGHAI: Chinese conglomerate HNA will buy US technology distributor Ingram Micro for US$6.0 billion, a statement said, the latest firm to snap up a foreign entity as part of Beijing's outward investment drive.Tianjin Tianhai Investment, a unit of HNA, will pay US$38.90 per share in an all-cash transaction, New York-listed Ingram Micro said in a statement, representing a 31 per cent premium to its Wednesday (Feb 17) closing price.The move comes as Beijing looks to encourage companies to invest abroad to secure raw materials and seek out reliable returns as the economy at home struggles.The HNA deal will be among the top ten most valuable acquisitions made by a Chinese company, according to data from research firm Dealogic.Ingram Micro distributes products for the likes of Apple, Microsoft, IBM and Cisco with more than 200,000 customers in approximately 160 countries, it says on its website.HNA - best known as a parent of Hainan Airlines - said the acquisition would help grow its business overseas and transform its existing logistics unit."With the help of Ingram Micro, HNA Group would have access to business opportunities in emerging markets, which have higher growth rates and better profitability," HNA chief executive Adam Tan said in the statement.The transaction, which has already been approved by the boards of both companies, is expected to be completed in the second half of the year, the statement released Wednesday said.Ingram Micro will remain headquartered in California and the current management team will stay in place, it said.

2016年2月6日
海航35億入股巴西廉航
中國第四大航空公司海南航空宣布, 為拓展集團在南美洲、非洲和歐洲的航線網絡布局,海南航空或其子公司打算以自有資金4.5億美元(約35.1億港元)入股巴西廉航Azul;增資完成後,海南航空將持有Azul航空23.6842%權益,成為大股東,並在Azul航空的14個董事席位中佔3席。佔23.7%成大股東海南航空透露,今次投資將分為兩輪操作,首輪海南航空或其子公司會向Azul航空提供1.5億美元(約11.7億港元)貸款,該筆貸款將於支付日過後的第181天,轉換成Azul航空1054萬股D類優先股,以向Azul航空支付剩餘3億美元(約23.4億港元)股權投資款項。然後,海南航空會以3億美元增資Azul航空,對應持有Azul航空的2108萬股D類優先股。資料顯示,Azul航空於2008年成立,目前為巴西第三大航空公司,在當地擁有最大的國內航線網絡,2014年起營運國際航班。同年公司營業收入58.03億雷亞爾(約116.13億港元),淨虧損6500萬雷亞爾(約1.3億港元);期內因雷亞爾兌美元貶值,拖累公司財務表現。截至2014年底,Azul航空總資產為62.39億雷亞爾(約124.85億港元),總負債58.23億雷亞爾(約116.53億港元)。
1/25/2016
海航集團將與巴克萊合作競標倫敦城市機場
《經濟通通訊社25日專訊》據外地傳媒引述消息指,中國海航集團尋求籌資20億英鎊(
約223億元),與巴克萊合作競標收購倫敦城市機場(London City 
Airport),可能最早在本周提交。
  去年12月,市場已傳出長江基建(01038)有意入標競購英國倫敦城市機場。

債券初哥

過去30年都在金錢世界打滾。年輕時雄心壯志創業到今日慢下來追求生命成長。投資路上由以往獨孤一味地產,到股票期權終於今天轉到債券來。

人生過了半佰,是時候從璀璨剌激轉到平實安穩了,心底裡確實厭倦了終日守著報價屏,殺出殺入的日子。特別是經歷了2015年的A股過山車的蹂躪,損兵折將之餘,也無謂的虛耗了不少心力時間

生有涯,錢無涯,以有涯隨無涯,殆矣!所以決定轉向無甚驚喜的債券投資,輕輕鬆鬆過日子。

回想去年我也曾花了幾仟元上過一個教人如何獲得現金流的課程,人山人海,佰幾人塞滿一個冷氣不夠的細小空間上課,個個汗流浹背仍聚精會神去聽阿Sir表演,可見香港人如何渴慕獲得財務自由!

搞課程的阿Sir就發了!當中年青人不少,我算是頂上頭髮少的一個。

課程介紹多種獲得現金流的方法包括加按買多層樓、搞劏房、買高息ETF、槓杆債券基金及直債etc.  我只對槓杆債券基金及直債有興趣,但阿Sir道理說得簡單,但怎樣篩選標的物則欠奉,惟有上完堂後自食其力,香港好少人講債券,問10個投資者,9個都唔識,都唔知找誰問!



我是學習型的投資者總要自己摸清楚才放心。由於香港缺乏這類課程,所以上了一個在台灣的課程“債券啟示錄”,由綠角先生主講。算是對債券有了初步認識
先從常用債券詞彙開始學起:

1) Coupon Rate(票息)
2) Yield to Maturity,YTM (孳息率)
3) Duration(存續期)
4) Rating(評級)
5) 債券到期日

雖然對債券有了初步基本概念了解,但不知道在香港實際如何操作?

1) 槓杆投資債券的操作?
      LV的應用
2) 尋找合適的操作平台?
     Private Bank
3)如何獲得各種債券資訊?
報價? 如何計算YTM及Duration?
有什麼可參考網站?……

這樣我就開展了漫長的投資債券學習之旅……

新昌營造 (HK404) HSINCG8.75 5/18/2018



                                                                                                               新昌營造集團網站


ISSUERBOND YTWYTM PriceDur
穆迪
SP
Finn
Special Feature
Updated
HSIN CHEONG(404HK)HSINCG8.75 5/18/187.13%103.652.2
NA
NA
NA
12/4/15
7.77%102.12.11/19/16


812/17/16
84.152/19/16


ISSUERBOND YTWYTM PriceDur穆迪SPFinnSpecial FeatureUpdated
HSIN CHEONG(404HK)
HSINCG8.5 1/15/19

8.0101.352.6NANANA
1/19/16
812/17/16

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。
公司背景最新及財務資料