Author: Mr. IPO

Astrea V – Balloting Results

Astrea V announced its balloting results today. Unlike equity, the bonds will only start trading on this Friday, 21 June 2019.  As stated in their press release, all applications below $50k received some allocation and 75% of the $180m shares went to them, “reflecting the Issuer’s desire to allocate to smaller retail investors“. I am pleasantly surprised at the 50% chance of being allocated a meaningful amount. To apply $50,000 and have a 50% chance of receiving $16,000 worth of bonds is definitely not a bad outcome. Those who applied for $1m shares now receives $50,000 rather than $11,000....

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Astrea V Class A-1 PE Bonds

Astrea V is offering 3 classes of bonds of which S$180m of the Class A-1 Bonds (“the Bonds”) are available to retail investors. The public offer will end on 18 June 2019 at 12 noon. The remaining $135m Class A-1, US$230m Class A-2 and US$140m Class B Bonds were already fully placed out through a placement tranche. Details of the 3 different classes of bonds are summarised below: Key points to note about the Class A-1 Bonds: Interest rate of 3.85% per annum Interest is payable every 6 months on 20 June and 20 Dec each year The Bonds...

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SRS Portfolio Update – 5 June 2019

Time really flies and 6 months have flew by. May and June are probably the busiest month for me where I had to fly for a bit. This is a picture of one of my trips taken from the plane…  The only “upside” from these business trips is that i get to accumulate the KF miles for my holidays. It is funny that when the kids are very young, your wife would complain and don’t want you to be away for too long. Now that I get older, the wife and kids  probably don’t mind half as much . . .  😀 ...

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Alliance Healthcare Group Limited

This will be a quick report as I am traveling for work this week. I am not going to spend too much time given the small public offering.  Alliance Healthcare Group Limited (“Alliance” or “AHG”) is offering 32m shares at S$0.20 each for its IPO on Catalist – for which 31m shares will be through the placement tranche and the balance 1m through the public offer. The offer will close on 29 May at 12pm and starts trading on 31 May 2019 at 9am. The market cap based on 207.888m shares is around S$41.6m Principal Business The Company is...

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Five things you want to know about the upcoming Astrea V PE Bonds

I believe there will be a lot of interest for the upcoming Astrea V Class A-1 PE Bond looking at how oversubscribed it was in Astrea IV (7.4x).  I will do a “sneak” preview first before I do a more detailed analysis when the public offering starts since some of you may be keen to get your hands on the placement tranche.  Here are 5 things that you may want to know about the offering.  1. Interest rate (Pricing) for the bonds will be determined by a book building process I think this is the question on everyone’s mind....

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SRS Portfolio Update – May 2019

This will be a quick update on the transactions. Since my last post, I added a new position in my SRS Portfolio – 30,000 of Suntec REIT at $1.80 last week. Suntec REIT has been sold down in recent week due to a placement exercise and at $1.80, it is trading below its book value and the yield is around 5.5%. The 30,000 shares will add around $3,000 in passive income annually. However, for the non SRS portfolio, I sold off my position in Keppel KBS REIT at 73 to raise USD for some USD bonds that I am...

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Eagle Hospitality Trust

Eagle Hospitality Trust (“EHT” or the “Trust”) is offering 580,558,000 Stapled Securities at 78 US cents, of which 44,871,000 units will be via the Public Offer with the balance already distributed through the Placement Tranche. Investors applying through the ATM will be paying based on the exchange rate of USD/SGD of S$1.3731. The IPO will close on 22 May at 12 noon and start trading at 2pm on 24 May.Principal Business EHT is established to invest in income producing real estate used primarily for hospitality-related purposes with initial focus in the United States.  Key Investment Highlights Initial Portfolio The initial...

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ARA US Hospitality Trust – Balloting Results

ARA US Hospitality Trust announced that is IPO tranche is “fully subscribed” at 1.1x and UOB is over-alloted 22.727m units for “market stabilisation”. The balloting table for the public offer is below and all valid applicants applied received some allocation. Mr Lee Jin Yong (李镇镕), Chief Executive Officer of the Managers, said, “The support we’ve received from both institutional and retail investors really encouragesus. We now forge ahead, embarking on a new chapter for the Trust. We will diligently focus on organic growth opportunities through active asset management andthoughtfully expand the portfolio through accretive investments, always keeping a clear...

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ARA US Hospitality Trust

ARA US Hospitality Trust (“ARAHT” or the Trust”) is offering 379,776,300 Stapled Securities at US$0.88 each. The placement tranche of 328.6m excludes the Cornerstone Investors and the public offer consists of 51.136m units. Based on the IPO price, the market cap will be US$749.1m.  The IPO will close on 7 May 2019 at 12pm and starts trading on 9 May 2019 at 2pm.Successful applicants applying through the ATM will pay for the shares based on USD:SGD rate of 1:1.3668. There is also an over-allotment option of up to 6% or 22.7m units to help stabilise the share price.  The...

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Trade or Invest ?

Last week I wrote an article on Portfolio Construction – Bonds or Stocks where i wrote that instead of using REITs and Stocks, the bulk of my portfolio to create passive income built up over the last few years had been using bonds. At this stage of my life, I wanted to build a substantial portfolio that has lower volatility, more certainty of cash flow and somewhat better risk-adjusted returns. I was also able to borrow against the investment grade bonds to juice up the returns to ~8%. The previous time I wrote another article on credit card –...

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Portfolio Construction – Stocks or Bonds?

It is always inspiring to look at Dividend Warrior’s blog. No bullshit and basically he just show you his CDP statement. A lot of bloggers wouldn’t be able to do that and half the time, you wonder if what they posted was true. DW’s portfolio comprise a diversified pool of REITs and blue chip stocks. Stable portfolio that generates a nice compounded return. Congratulations for reaching a new milestone! 👍 How about Mr. IPO’s portfolio? The way in which i constructed my portfolio over the last few years was different DW. I have previously blogged about the bond ladder in...

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SRS Portfolio March 2019 & a short trip . . .

How time flies. It’s already end of March! I recently brought my family to Japan, here are some of the highlights of the trip.  This is the view of Hakone from the top of the mountain range.  Sometimes, traveling is like your life. I missed a turn, lost my way and managed to get a nice view of Mount Fuji. Strawberry is in season right now. It’s my first time picking it directly and “eat all your can” within 30 mins. Sweet 👍🏻 Onsen hoping We went hot spring hoping and this is one of the oldest onsen town...

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Fortress Minerals Limited

For information only – no public offer and i am not spending too much time on this Fortress Minerals Limited is offering 75m Placement Shares (including 51.25m Cornerstone Shares) at $0.20 per share for a listing on Catalist. There is no public offering. The IPO will close on 25 March at 2019, 12 pm. The market cap, based on the IPO price, will be S$100m. Principal Business The Company is a high grade iron ore producer in Malaysia and is principally in the business of exploration, mining, production and sale of iron ore concentrate. The iron ore are sold...

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Singapore Airlines – 5Y Retail Bonds 3.03% Mature 28 March 2024

Singapore Airlines (“SIA” or the “Company”) is offering new 5 year notes (bond) at a coupon of 3.03%, where $200m is offered wholesale (i.e. $250,000 board lot to accredited investors) and $300m to retail investors (minimum subscription of $1,000). SIA may upsize the tranche to $750m if there are overwhelming response.   The interest on the bonds are payable semi-annually on 28 Sep and 28 March and will mature on 28 March 2024. The offer will close on 26 March 2019 at 12pm. Seasoning framework The offer is made under the seasoning framework. Temasek lobbied very hard for this...

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Reclaims Global Limited

Reclaims Global Limited (“Reclaims Global” or the “Company”) is offering 20m shares for its IPO on Catalist at $0.23 each. 18m shares will be via placement with 2m shares for the public offer. The offer will close on 7 March 2019 at 12pm. The market cap is $30.1m. Principal Business The Company is based in Singapore and provide services to the construction industry, specializing in the recycling of construction and demolition waste, customization of excavation solutions and operating fleet management.  The 3 key lines of businesses are presented in the table below: Financial Performance Reclaims Global revenue has been...

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