Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

Lippo Malls Indonesia Retail Trust (LMIRT) will not be redeeming its outstanding S$140mn ($102.9mn) 7% Perp on the first call date of September 27, as per IFR. The coupon will reset to the prevailing 5Y Singapore dollar SOR + initial spread of 524.5bp. Based on current SOR levels, the coupon will reset to ~6.18%. The decision to skip the call on its subordinated debt (Term of the Day, explained below) does not breach any covenants, but was not unexpected as it would have to pay a much higher yield on a new Perp – its 7% Perp currently yields 7.4%, trading at 82.5 and hence, not calling the bond and not issuing new debt to refinance would translate to a saving of around 122bp.

LMIRT To Skip First Call on its SGD 7% Perp

US markets had a mixed start to the week – S&amp;P was up 0.3% and Nasdaq was down 0.2%. The S&amp;P recorded another peak as Healthcare closed 1.1% higher and Utilities and Consumer Staples were up 0.65%. Energy and Materials were down 1.8% and 0.5% respectively. European markets snapped their winning streak – FTSE, CAC and DAX were down 0.9%, 0.8% and ~0.3% respectively. Saudi’s TASI was down 0.3% while UAE’s ADX was up 0.8%. Brazil’s Bovespa continued to trade weaker, down 1.7%. APAC stocks had a mixed start – the Nikkei and Shanghai were broadly flat while Singapore’s STI and HSI were down 0.4% and 0.2% respectively. US 10Y Treasury yields were a tad tighter at 1.25%. US IG and HY CDS spreads widened 0.4bp and 2.3bp. EU Main and Crossover CDS spreads widened 0.2bp and 2bp respectively. Asia ex-Japan CDS spreads were 1.7bp tighter.

Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers

US markets moved up on Friday with the S&amp;P and Nasdaq closing 0.16% and 0.04% higher. S&amp;P scaled new highs as Consumer Staples, Real Estate, Healthcare, Utilities and IT were up over 0.5%. Energy and Financials were down 1.3% and 0.7% respectively. European markets also ended higher – DAX, CAC and FTSE ended ~0.3% stronger. Saudi’s TASI was up 0.3% and UAE’s ADX ended 0.1% higher. Brazil’s Bovespa reversed its losses and ended 0.4% higher. APAC stocks opened in the red – the Nikkei was down ~1.5%, Singapore’s STI down 0.7% and HSI down 0.5% and Shanghai was broadly flat. US 10Y Treasury yields tightened 9bps to 1.26%. US IG and HY CDS spreads tightened 0.6bp and 1.7bp. EU Main and Crossover CDS spreads tightened 0.2bp and 0.4bp respectively. Asia ex-Japan CDS spreads were 1.9bp tighter.

US markets once again inched higher with both the S&amp;P and Nasdaq up ~0.3%. Healthcare and IT up over 0.5%, pushed the bourses up while Energy, down 0.5% pulled them down. European markets had a mixed day – DAX and CAC were up 0.7% and 0.4% respectively while FTSE was down 0.4%. Saudi’s TASI was flat. Brazil’s Bovespa closed 1.1% lower. APAC stocks started in the red – the HSI and Singapore’s STI were down 0.5-1% and Nikkei and Shanghai were down ~0.2%, US 10Y Treasury yields remained flat at 1.35% amid a lackluster 30Y bond sale. US IG and HY CDS spreads tightened 0.9bp and 4.5bp. EU Main and Crossover CDS spreads tightened 0.6bp and 4.3bp respectively. Asia ex-Japan CDS spreads were 1bp tighter.

Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers

S&amp;P gained 0.1% to close at another all-time high as the $1tn infrastructure plan was passed by the US Senate. The tech heavy Nasdaq on the other hand shed 0.5%. Energy and Materials rose 1.7% and 1.5% while Industrials and Financials closed 1% higher. Real Estate and IT led the losses, down 1.1% and 0.7% respectively. European markets inched higher on positive investor confidence despite fears over the Delta variant and inflation talks – the FTSE was up 0.4%, DAX 0.2% and CAC ~0.1%. Saudi’s TASI ended 0.9% higher while UAE’s ADX shed 0.2%. Brazil’s Bovespa reversed its gains to close 0.7% lower. APAC stocks had a mixed start – Nikkei was up 0.5% while Singapore’s STI and HSI were down 0.4%. Shanghai was flat. US 10Y Treasury yields widened 4bp to close at 1.35%. US IG and HY CDS spreads widened 0.9bp and 4.1bp. EU Main and Crossover CDS spreads also widened 0.2bp and 1.9bp respectively. Asia ex-Japan CDS spreads were 0.9bp tighter.

Singapore

iShares Barclays USD Asia High Yield Bond Index ETF is an exchange-traded fund incorporated in Singapore. The Fund seeks to track the performance of the Bloomberg Barclays Capital USD Asia High Yield Bond Index.

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LMIRT To Skip First Call on its SGD 7% Perp

Lippo Malls Indonesia Retail Trust (LMIRT) will not be redeeming its outstanding S$140mn ($102.9mn) 7% Perp on the first call date of September 27,...

BondEvalue

Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers

US markets had a mixed start to the week – S&P was up 0.3% and Nasdaq was down 0.2%. The S&P recorded another peak as Healthcare closed...

BondEvalue

Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers

US markets moved up on Friday with the S&P and Nasdaq closing 0.16% and 0.04% higher. S&P scaled new highs as Consumer Staples, Real...

BondEvalue

Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers

US markets once again inched higher with both the S&P and Nasdaq up ~0.3%. Healthcare and IT up over 0.5%, pushed the bourses up while Energy,...

BondEvalue

Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers

S&P gained 0.1% to close at another all-time high as the $1tn infrastructure plan was passed by the US Senate. The tech heavy Nasdaq on the...

BondEvalue

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