BT 120922: https://drive.google.com/file/d/15Ge424mn2h...iew?usp=sharing

BT 130922: https://drive.google.com/file/d/14tokBSSKb3...iew?usp=sharing



Do you need a financial advisor?



Today is last day to apply for FPH's retail bond.



Last day to bid for the upcoming 6 month T-bill too. DBS ibanking portal should close at 9pm.

Now our friend at HWZ, hwckhs, has introduced an even more powerful feature on his SSB website.

It's called "swapping" which computes the profit and losses if you swap from a previous issue of SSB to a present SSB issue.

His post on HWZ: https://forums.hardwarezone.com.sg/threads/...#post-143813997

Test out the new feature here! http://www.ilovessb.com/swap

Very nice visualization. It can compute the cumulative profit and loses by monthly breakdown and the scheduled interest payouts in the correct amount!

You can also check the accuracy of the hermit spline function which MAS uses to fine-tune the yield curve for 3,4,6,7,8,9 year yields. http://www.ilovessb.com/past-projections

https://forums.hardwarezone.com.sg/threads/...#post-143815662

This post has been edited by TOS: Sep 14 2022, 10:40 PM

BT 140922: https://drive.google.com/file/d/1DDLV5HEoYA...iew?usp=sharing

The 6-month T-bill auction will be done today at 12pm, results to be released around 1pm. Sources from HWZ say it's gonna be 3.25%.

We shall see.

This post has been edited by TOS: Sep 15 2022, 10:44 AM

Cut-off yield 3.32% yea!

https://www.mas.gov.sg/-/media/MAS/SGS/SGS-...33816E5ED78DBD8

The Frasers bond allocation result is published on SGX: https://links.sgx.com/1.0.0/corporate-annou...fcefda89611718d

BT 150922: https://drive.google.com/file/d/10KJUYkSX3i...iew?usp=sharing

BT 160922: https://drive.google.com/file/d/1LSlJk0J5Iu...iew?usp=sharing

The VCC structure is set to be fine-tuned further, surely a good news for family offices.



The SCA award ceremony took place at Ritz-Carlton on Aug 30. Some photos of your companies C-suite executives and boards available below:

BT Weekend 17-180922: https://drive.google.com/file/d/1AQWr_O-Pjk...iew?usp=sharing

The high risk-free rates is causing lots of headache to SGX's CDP division. I am lucky to open my CDP account just in time to capitalize on the sharply rising short-term yields.

BT 190922: https://drive.google.com/file/d/1F2q5ThQ37Y...iew?usp=sharing

It's silly. Why? In this time and age. Everything can be done online. It can be any address why specifically must be sg address?
Do you see US companies have this requirement?

This post has been edited by Ramjade: Sep 21 2022, 12:30 AM

I am not aware of US rights subscription legal details. Perhaps Hansel can say something on this. I guess US companies rights subscription may not be available to non-US persons too, but I am not sure as I have not ecountered one.

Back to your question:

Some countries' laws requite the residential/mailing address to be stated to ensure the residency of the stockholder is determined, say for tax reasons etc. It's just legal requirement (and sometime political ones...). Just because everything can be done online does not mean you can override people's law.

Convenience is one thing. Different legal systems are whole another story. Like I say, when things go south, the companies won't want to embroiled in legal papers nightmares and pay high fees to corporate lawyers in both countries. SG and Malaysia corporate laws aren't entirely the same, different legal systems/cultures etc. Correct? Hansel

Also, SGX CDP relies on your physical signature to verify your identification. In this case, the rights subscription forms are mailed to an SG address rather than foreign address as there is no guarantee of mail service efficiency in other countries. There might be delays in receiving the empty or signed/completed forms due to various issues. So to be secure, they just use SingPost's service.

https://www.sgx.com/cdpfaqs



In the future, they may add corporate actions via CDP Internet however.



EDIT: Retracted statement on rights subscription for OCBC. All foreigners are ineligible for rights subscription, unless stated in the offering document. See: https://forum.lowyat.net/index.php?showtopi...ost&p=105422486

This post has been edited by TOS: Sep 21 2022, 01:42 PM

BT 200922: https://drive.google.com/file/d/1LX6B32lxFU...iew?usp=sharing

Hi bros,...

I have not read the background to this discussion. But I can say this : everything depends on the brokerage you are with. If your brokerage has a mechanism that allows you to do something, then you can decide what to do. Otherwise, you just have to follow what they say,...

The law is one thing,.. but the capability of the brokerage you are attached to and from where you use to buy your instruments dictates what you can do when an action pops up.

Yes !

SGD has fallen 4% vs the USD YTD. Compare this with other currencies,... I heard my peers out there saying,... all other currencies also dropped what,... then I replied : Which one dropped the least ?

The one that dropped the least will strngthen against the others that dropped more, this is the mathematical formula.

MAS Mtg on Oct 14 ( I think,... can't remember exactly),... and if MAS tightens again at that date,... then,... chances are high for the SGD to equal back the drops vs the USD,... or perhaps becomes even stronger than the USD.

Guess what happans to the SGDMYR exchange rate after that ???!!??

SATS is rumoured (now confirmed in discussions) to acquire the world's largest air cargo operator, Worldwide Flight Services from Cerebus. The price tag was reported to be 3 billion USD (4.2 billion SGD) but SATS has refuted the number.

SGX clarification announcement: https://links.sgx.com/FileOpen/Clarificatio...t&FileID=732064

SATS trading was halted around 3-3:10 pm today after the Bloomberg announcement.

ST reports: https://www.straitstimes.com/business/compa...p-to-42-billion



Well said. Looking forward to the MAS meeting results. Still waiting for a prospective employer to sponsor my employment pass...

This post has been edited by TOS: Sep 21 2022, 08:05 PM

Uhmm not that serious as you can purchase the units from the open market once they are listed, just need to bear the downside of having to pay for brokerage fees. REITs price of 2-4 SGD per share is still affordable for open market purchase. But if it's rights offerrings from banks with high share price figures like DBS and OCBC, one single lot of purchase will mean 3353 and 2768 SGD each time (based on today's pricing), which can be a burden for those who are ineligible for rights.

--------------------------------

For a risk-averse investor, and especially in a rising risk-free rates world, government bonds like those of Singapore should seriously be considered in one's portfolio. You may not realize, but SG bonds and bills are paying higher interest than a typical Malaysian FD of comparable maturities in recent months.

https://www.myfdrates.com/

The current 6 month US bill yield 3.90-3.98% p.a. The most recent issue of SG 6 month treasury bill yields 3.32% p.a. in the last auction (should be 3.4% by now). In January this year, these yield numbers are still between 0 to 0.5% p.a.

The upcoming November 10-year SSB will pay 3.13% p.a. averaged for the next 10 years (67% confidence level) and the current 10-year SG bond yields around 3.1-3.2% p.a. In January this year this figure is around 1.8% p.a.

The spread of typical S-REITs yields over benchmark rates has been reduced dramatically from 3.5-4% as recent as January 2022 to less than 2.5% last month or 2.

https://secure.fundsupermart.com/fsm/articl...ing-for-s-reits

So, yes the appeal of risk-free securities has increased dramatically.

In SG, the hot topic has been to transfer CPF-OA into T-bills as the T-bill yields risk close to/above typical CPF-OA account interests. https://forums.hardwarezone.com.sg/threads/...769601/page-182

You can learn more about SG's government bills, notes and bonds here: https://www.mas.gov.sg/bonds-and-bills (read the part for retail investors only, not the institutional investor section).

-------------------------------

Don't bother with Ramjade. He can't distinguish between risk-free rates and non-risk free assets's risk premium. (His risk-free rate assumption of 2-3% is outdated by several months... )

You can expect short-term rate rising close to 4% by the end of the year and early next year, by then the spread over Ascendas REIT's 5.33% is just a mere 1% ish but you get the stability and certainty of cash flow payouts for 6 month-1 year. Wait for longer term bonds rate to rise if the Fed fail to get inflation controlled and you will see the impact even more obvious.

This post has been edited by TOS: Sep 21 2022, 11:44 PM

Latest ssb bond is 2.75% for 10 years. So it's still correct. 2-3%p.a

Next month SSB is 3.13%. This month not many will subscribe. http://www.ilovessb.com/

And the benchmark is 10-year SGS not SSB as MAS adjusted the SSB rate artifically to account for the downward slopping yield curve, so it does not correspond to actual rate profile.

https://eservices.mas.gov.sg/statistics/fda...ssuePrices.aspx

By the way, SSB is for kiasu kiasi SG investors who can't afford capital losses due to bond yields spiking. So, you won't be interested anyway.

This post has been edited by TOS: Sep 21 2022, 11:56 PM

Capital protection is no longer my portfolio. It used to be. Caused my teacher taught me don't bother so much with capital protection if example every year you get 7%, for say 5 years, then year 6 you get -10% so what. You will be up Vs a guy who's in FD say 3%p.a