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
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,去到股票、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,心底裡也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,收取穩定現金流,輕輕鬆鬆過日子。
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
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 | ||
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 | |||||
The company is 58% owned by the Reliance Group's subsidiaries.
Special Features : None
Structure
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% 8/1/2019B2 ,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.
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