Research Articles

Banco Santander Announces New SGD 6NC5 Senior Non-Preferred Bonds at an IPG of 3.10%

Banco Santander SA is launching a new SGD 6NC5 Senior Non-Preferred bond at an initial price guidance of 3.10%. Here is our take on the new issue.

Newly Issued Bond: ICICI Bank USD Bond; IPG : 5.7%

ICICI Bank’s 5-year USD bond offers attractive investment-grade income, supported by strong profitability, capital, asset quality and funding, though pricing may tighten.

Newly Issued Bond: Hanwha Aerospace USD Bonds; IPG : 5.37%

Hanwha Aerospace’s three-year A-rated USD bond offers attractive carry, supported by defence leadership, a sizeable backlog and adequate liquidity, despite rising debt.

New Issue: Short, Safe and 2.02% – HSBC's New 2-Year SGD Senior Note

HSBC Bank plc's new 2-year SGD senior note at 2.02% offers a ~35bp pickup over Singapore government bonds — a defensive, single-A play for conservative SGD investors.

Newly Issued Bond: KT&G Corporation USD Bonds; IPG : 5.22%

KT&G’s new 3.5-year USD bond offers investment-grade quality, low leverage and improving profitability, though final pricing may tighten from initial guidance.

New Issue: FWD Group Holdings Limited 5.75-Year SGD Subordinated Capital Securities; IPG of 3.55%

FWD Group Holdings Limited is launching a new 5.75-year SGD subordinated bond at an initial price guidance of 3.55%. Here is our take on the new issue.

New Issue: ValueMax Group Limited 3-Year SGD Senior Notes – IPG @ 4.25%

ValueMax Group Limited (T6I) is launching a new 3-year SGD senior unsecured bond at an initial price guidance of ~4.25%. Here is our take on the new issue.

New Issue: Heeton Holdings Limited announces a new 3.5Y SGD senior unsecured with a 5.50% coupon.

We look at Heeton’s latest issuance and provide our thoughts below.

Newly Issued Bond: Sony USD Bonds; IPG: 4.98 - 5.48%

New Issue: Ho Bee Land announces a new 5Y SGD senior unsecured green note at an IPG of 3.50%.

We look at Ho Bee Land’s latest issuance and provide our thoughts below.