Singapore Stock Market News
Singapore Banks - Capital management exercise
StockFanatic
Publish date: Wed, 26 Mar 2014, 06:26 PM
StockFanatic
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
In this report, we look at issuance needs of Singapore banks - for refinancing needs, M&A related purpose and for capital management exercises. Although we anticipate issuances ahead, the supply pipeline is not too demanding.
Valuation of Singapore banks' subdebt looks cheap, especially when compared against regional peers with similar rating profiles. In the case of legacy subdebt, these bonds should benefit from scarcity value while offering in excess of 100bps pick-up over the Senior bonds. We see limited regulatory par call risk for these USD instruments. For an exposure to Singapore banks, we reiterate our preference for the subdebts as compared to the Senior bonds.
We initiate with a BUY recommendation on UOBSP 3.75% '24/c19 (new-style). The bond offers c45bps pick-up to legacy subdebt for the presence of the PONV language, which looks generous when compared to ANZ 4.5%'24 and MIZUHO 4.6%'24.
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