New SGD 7YR transaction announced with initial guidance of 4.25% area and anchored on the back of very significant reverse enquiries from institutional accounts.
– Issue Size of SGD 120 million (capped)

wingtai 1

COMPARABLES
WINGTAI HOLDINGS 4% 07/18       103.45 3.06%
WINGTAI HOLDINGS 4 ½% 09/22    101.50 4.27%
WINGTAI HOLDINGS 4 ¼% 03/23    99.10 4.38%
WINGTAI HOLDINGS 4.7% 02/24     100.75 4.60%

Revenues have declined significantly since FY 2013. Not overly leveraged and not expanding aggressively like Guocoland which makes it a better credit which is the reason for its tighter coupon.

7 year interest rates at 2.25% today which give us a nice credit premium of 2%.

They did a 100 mio 10 year 4.7% issue earlier this year which I had missed and not not regular issuers these days having come a long way from their over leveraged days.