Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Singapore Press Holdings, Afterpay, Link Admin, Razer, AusNet, 51job

Travis Lundy

When the <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> Rights Offering which was backstopped by Temasek, traded near to terms, it became quasi-certain that Temasek would have to do an MGO on the back end - the so-called "Compliance Offer."There were advantages to sitting on the bid at S$0.08 and S$0.079, and perhaps even S$0.81/share, to take advantage of that because the skew of possibilities was heavily favored to the upside. Unfortunately, that upside has not materialised, despite stronger oil prices making offshore rigs more attractive and the possibly bad assets less bad. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/239/174/original/Screenshot+2021-11-02+at+1.24.35+PM.png?1635830735" class="editor-image img-responsive" data-smartkarma-image-id="239174"></figure></section>In the past four weeks, Sembcorp Marine shares have settled down at S$0.08/share or lower most of the time except for a brief excursion above the line. Last night, just before midnight, Temasek and investment unit Startree Investments Pte. <a href="https://links.sgx.com/FileOpen/MGO%20Unconditional%20Announcement.ashx?App=Announcement&amp;FileID=689132" target="_blank" rel="noopener">announced</a> that as of 6pm yesterday 1.249bn shares had been tendered. That gets Temasek over 50%.Normally, that would mean extension of the Mandatory Offer under Rule 22.6 of the Singapore Takeovers Code. This time, it does not, because of Rule 22.6 of the Singapore Takeovers Code. Yup. You read that right. The offer closes at 5:30pm 3 November 2021. That's tomorrow.

When the Sembcorp Marine (SMM SP) Rights Offering which was backstopped by Temasek, traded near to terms, it became quasi-certain that Temasek would have to do an MGO on the back end - the so-called "Compliance Offer."There were advantages to sitting on the bid at S$0.08 and S$0.079, and perhaps even S$0.81/share, to take advantage of that because the skew of possibilities was heavily favored to the upside. Unfortunately, that upside has not materialised, despite stronger oil prices making offshore rigs more attractive and the possibly bad assets less bad. In the past four weeks, Sembcorp Marine shares have settled down at S$0.08/share or lower most of the time except for a brief excursion above the line. Last night, just before midnight, Temasek and investment unit Startree Investments Pte. announced that as of 6pm yesterday 1.249bn shares had been tendered. That gets Temasek over 50%.Normally, that would mean extension of the Mandatory Offer under Rule 22.6 of the Singapore Takeovers Code. This time, it does not, because of Rule 22.6 of the Singapore Takeovers Code. Yup. You read that right. The offer closes at 5:30pm 3 November 2021. That's tomorrow. 

Sembcorp Marine MGO Goes Unconditional But No Extension. Deadline Is 3 Nov.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in 3Q21

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

<ul>
<li>Philippine airport service provider MacroAsia (MAC PM) is added to our list of Fallen Angels as the associated LT Group (LTG PM) company Philippine Airlines (PAL PM) declares ch.11 bankruptcy</li>
<li>Depressed valuations and strong balance sheets have led the Philippines to become an epicentre for buybacks</li>
<li>PlanB (PLANB TB) announced an acquisition of Master Ad’s (MACO TB) Thai billboard assets for Bt 639.5mn and includes a Bt1.5bn rights-issue and restructuring of the Bt700mn minimum revenue guarantee</li>
</ul>


Philippine airport service provider MacroAsia (MAC PM) is added to our list of Fallen Angels as the associated LT Group (LTG PM) company Philippine Airlines (PAL PM) declares ch.11 bankruptcy
Depressed valuations and strong balance sheets have led the Philippines to become an epicentre for buybacks
PlanB (PLANB TB) announced an acquisition of Master Ad’s (MACO TB) Thai billboard assets for Bt 639.5mn and includes a Bt1.5bn rights-issue and restructuring of the Bt700mn minimum revenue guarantee


Wickhams Hill Research | Under-The-Radar Issue 8

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

US markets sold-off sharply with the S&amp;P and Nasdaq ending 2% and 2.8% lower, the largest fall in over four months. US 10Y Treasury yields saw another leg higher, up 3bp to 1.54% as market participants attribute the move to inflation fears. Besides Energy which ended 0.5% higher, all other sectors were in the red with IT down 3% and Communication Services down 2.8% being the biggest losers. Similar to the US European stocks also saw sharp declines with the DAX down 2.1%, CAC down 2.2% and FTSE down 0.5%. Brazil’s Bovespa crashed 3.1%. In the Middle East, UAE’s ADX ended flat while Saudi TASI ended 0.1% higher. Asia Pacific markets are in the red, taking cues from global equities – Shanghai was down 1.8%, HSI was down 0.5%, Nikkei was down 2.5% while Singapore’s STI was flat. US IG CDS spreads were 1.1bp wider and HY CDX spreads widened 6.6bp. EU Main CDS spreads were also 1.1bp wider and Crossover CDS spreads widened 6.9bp. Asia ex-Japan CDS spreads widened 0.2bp.

Sembcorp, NH Invt. Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers an...

Singapore

Seatrium Ltd offers engineering solutions for the offshore, marine, and energy industries. The Company provides rigs and floaters, repairs and upgrades, offshore platforms, and specialized shipbuilding. Seatrium serves customers worldwide.

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Seatrium (STM SP)

Last Week in Event SPACE: Singapore Press Holdings, Afterpay, Link Admin, Razer, AusNet, 51job

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Sembcorp Marine MGO Goes Unconditional But No Extension. Deadline Is 3 Nov.

Usually when a Singapore MGO is declared UNCONDITIONAL it gets extended. Not this time. There is a carveout in the rules and Temasek warned of it....

Travis Lundy

Key Singapore Market Moves and Flows in 3Q21

In 3Q21, the STI saw its narrowest quarterly trading range since 3Q17, generating a 0.2% decline in total return, while the FTSE APAC Index...

Singapore Exchange Ltd (SGX)

Wickhams Hill Research | Under-The-Radar Issue 8

Philippine airport service provider MacroAsia (MAC PM) is added to our list of Fallen Angels as the associated LT Group (LTG PM)...

Lloyd Moffatt

Sembcorp, NH Invt. Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers an...

US markets sold-off sharply with the S&P and Nasdaq ending 2% and 2.8% lower, the largest fall in over four months. US 10Y Treasury yields saw...

BondEvalue

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