FIXED INCOME DAILY 每日債券資訊

September 23, 2014
FIXED INCOME DAILY 每日債券資訊
每日債券資訊
HKD-Denominated Bond
Minimum
Purchase
Quantity
港元計價債券
Next
Callable
Date
Next
Callable
Price
Ask Yield
To Worst
Make Whole
Call
Coupon
最低賣出收提前贖回權
穆迪
貨幣剩餘年期票面息率信貸評級
／標準普爾買入價賣出價到期收益率最低購買金額下次贖回日下次贖回價益率%)
Credit Rating
Ask Yield to
Bid Price Ask Price
Maturity
(
)
Years to
Currency
Maturity
發行人
Issuer
Bond Name
HK GOVT BOND PROGRAMME
香港政府
GBHK 0.97
12/08/16
HKD
2.2
0.970% (SemiAnnual)
AAA(s)/---(m)
100.762
100.950
0.537
50000 /
50000
---
---
---
N
HK GOVT BOND PROGRAMME
香港政府
GBHK 0.61
02/05/18
HKD
3.4
0.610% (SemiAnnual)
AAA(s)/---(m)
98.260
98.628
1.028
50000 /
50000
---
---
---
N
HK GOVT BOND PROGRAMME
香港政府
GBHK 2.93
01/13/20
HKD
5.3
2.930% (SemiAAA(s)/NR(m)
Annual)
105.852
106.233
1.704
50000 /
50000
---
---
---
N
HK GOVT BOND PROGRAMME
香港政府
GBHK 2.46
08/04/21
HKD
6.9
2.460% (SemiAnnual)
AAA(s)/---(m)
102.802
103.345
1.947
50000 /
50000
---
---
---
N
HK GOVT BOND PROGRAMME
香港政府
GBHK 1.1
01/17/23
HKD
8.3
1.100% (SemiAnnual)
AAA(s)/---(m)
92.030
92.704
2.069
50000 /
50000
---
---
---
N
HK GOVT BOND PROGRAMME
香港政府
GBHK 2.22
08/07/24
HKD
9.9
2.220% (SemiAnnual)
AAA(s)/---(m)
98.835
99.763
2.259
50000 /
50000
---
---
---
N
WING HANG BANK LTD
永亨銀行
WINHAN 3.2
06/09/21
HKD
6.7
3.200%
(Quarterly)
---(s)/NR(m)
#N/A N/A
100.46
3.16
500000 /
500000
---
---
---
N
BANK OF EAST ASIA LTD
BNKEA 2.07
09/12/16
HKD
2.0
2.070%
(Annual)
---(s)/NR(m)
#N/A N/A #N/A N/A
#N/A N/A
500000 /
500000
---
---
---
N
東亞銀行
債券名稱
Page 1 of 5
September 23, 2014
Minimum
Purchase
Quantity
Next
Callable
Date
Next
Callable
Price
Ask Yield
To Worst
Make Whole
Call
Coupon
最低賣出收提前贖回權
穆迪
貨幣剩餘年期票面息率信貸評級
／標準普爾買入價賣出價到期收益率最低購買金額下次贖回日下次贖回價益率%)
Credit Rating
Ask Yield to
Bid Price Ask Price
Maturity
(
)
Years to
Currency
Maturity
發行人
Issuer
Bond Name
CHINA MERCHANTS BANK (HK)
招商銀行
CHINAM 1 1/4
03/15/16
HKD
1.5
1.250%
(Annual)
---(s)/---(m)
#N/A N/A #N/A N/A
#N/A N/A
500000 /
500000
---
---
---
N
BANK OF CHINA (HK)
BCHINA 3 3/4
07/27/20
HKD
5.8
3.750%
(Quarterly)
---(s)/---(m)
#N/A N/A #N/A N/A
#N/A N/A
1000000 /
1000000
---
---
---
N
SDBC 2.7
01/25/16
HKD
1.3
2.700%
(Quarterly)
---(s)/---(m)
#N/A N/A #N/A N/A
#N/A N/A
1000000 /
1000000
---
---
---
N
CCB 1.9 11/11/16
HKD
2.1
1.900%
(Quarterly)
---(s)/---(m)
#N/A N/A #N/A N/A
#N/A N/A
500000 /
500000
---
---
---
N
香港中華煤氣有限公司
HKCG FINANCE LTD
HKCGAS 3.9
06/03/19
HKD
4.7
3.900%
(Quarterly)
A+(s)/A1(m)
104.998
105.417
2.693
1000000 /
1000000
---
---
---
N
SWIRE PACIFIC MTN FIN
太古股份公司
SWIRE 3.78
02/28/22
HKD
7.4
3.780%
(Quarterly)
A-(s)/A3(m)
100.986
101.558
3.588
1000000 /
1000000
---
---
---
N
MTR CORPORATION (C.I.)
港鐵公司
MTRC 4.95
10/21/19
HKD
5.1
4.950%
(Quarterly)
---(s)/Aa1(m)
111.213
111.674
2.516
500000 /
500000
---
---
---
N
WHARF FINANCE LTD
九龍倉集團
WHARF 4.4
04/30/20
HKD
5.6
4.400%
(Quarterly)
---(s)/---(m)
105.109
105.611
3.339
1000000 /
1000000
---
---
---
N
HK SCIENCE & TECH PARKS
HKSTP 3.2
07/11/24
HKD
9.8
3.200% (SemiAnnual)
---(s)/---(m)
#N/A N/A #N/A N/A
#N/A N/A
1500000 /
1500000
---
---
---
N
中國銀行(香港)有限公司
CHINA DEVELOPMENT BANK
(HK)
國家開發銀行
CHINA CONSTRUCT BANK (HK)
中國建設銀行
香港科技園公司
債券名稱
Page 2 of 5
September 23, 2014
Minimum
Purchase
Quantity
Next
Callable
Date
Next
Callable
Price
Ask Yield
To Worst
Make Whole
Call
Coupon
最低賣出收提前贖回權
穆迪
貨幣剩餘年期票面息率信貸評級
／標準普爾買入價賣出價到期收益率最低購買金額下次贖回日下次贖回價益率%)
Credit Rating
Ask Yield to
Bid Price Ask Price
Maturity
(
)
Years to
Currency
Maturity
發行人
Issuer
Bond Name
HKR INTERNATIONAL LTD
香港興業國際集團有限公司
HKRINT 4.3
05/21/20
HKD
5.7
4.300%
(Quarterly)
---(s)/---(m)
#N/A N/A
102.12
3.937
1000000 /
1000000
---
---
---
N
K WAH INTL FIN SRVS LTD
嘉华国际集团有限公司
KWAH 4.35
07/22/21
HKD
6.8
4.350%
(Quarterly)
---(s)/---(m)
#N/A N/A
100.25
4.377
1000000 /
1000000
---
---
---
N
新世界發展有限公司
NWD MTN LTD
NWDEVL 5 1/2
02/28/24
HKD
9.4
5.500% (SemiAnnual)
---(s)/---(m)
#N/A N/A #N/A N/A
#N/A N/A
1000000 /
1000000
---
---
---
N
WHEELOCK FINANCE LIMITED
會德豐
WHEELK 4.06
02/27/21
HKD
6.4
4.060%
(Quarterly)
---(s)/---(m)
#N/A N/A #N/A N/A
#N/A N/A
1000000 /
1000000
---
---
---
N
HLP FINANCE LTD
恒隆地産
HLPPY 2.95
06/03/20
HKD
5.7
2.950% (SemiAnnual)
---(s)/---(m)
#N/A N/A #N/A N/A
#N/A N/A
1000000 /
1000000
---
---
---
N
SUN HUNG KAI PROP (CAP)
新鴻基地産
SUNHUN 4
04/16/24
HKD
9.6
4.000%
(Quarterly)
A+(s)/A1(m)
4.105
1500000 /
500000
---
---
---
N
URBAN RENEWAL AUTHORITY
市建局
URBREN 2.92
01/27/21
HKD
6.3
2.920%
(Quarterly)
AAA(s)/---(m)
#N/A N/A
2000000 /
2000000
---
---
---
N
MELCO FINANCE
MELINT 4.15
03/05/18
HKD
3.6
4.150%
(Quarterly)
---(s)/---(m)
3.921
1000000 /
1000000
---
---
---
N
新濠國際
債券名稱
98.991
99.656
#N/A N/A #N/A N/A
#N/A N/A
100.75
Page 3 of 5
September 23, 2014
FOR PROFESSIONALS USE ONLY AND NOT FOR PUBLIC CIRCULATION
僅供專業人士使用，
僅供專業人士使用，不可供公眾傳閲
以上報價僅為參考價格，
以上報價僅為參考價格，可予變更
^ THESE QUOTES ARE ONLY INDICATIVE PRICES AND ARE SUBJECT TO CHANGE
負面信貸展望
正面信貸展望
望
正面信貸展
*- NEGATIVE CREDIT OUTLOOK
*+ POSITIVE CREDIT OUTLOOK
Disclaimer and Risk Warning
This publication is prepared and issued by iFAST Platform Services (HK) Limited (“IPS”, together with its holding companies, affiliates and subsidiaries) for information and reference
purpose only. It shall not be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. The contents of this
publication should not be relied on as a research recommendation or as investment research and do not constitute investment advice to any person and such person shall not be
treated as a customer of IPS by virtue of receiving this publication. IPS may not have taken any steps to ensure that the securities or other financial instruments referred to in this
publication are suitable for any particular investor. None of the material, nor its contents, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other
party, without the prior express written permission of IPS. All trademarks, service marks and logos used in this publication are trademarks, service marks or logos or registered
trademarks, service marks or logos of IPS.
Bonds are mainly for medium to long term investment, not for short term speculation. Bond Investments are not bank deposits and involve risks, including the possible loss of all
principal amount invested. It is the issuer’s responsibility to pay interest and repay the principal of bonds. If the issuer defaults, the holder of bonds may not be able to receive the
interest and principal invested. The holder of bonds bears the credit risk of the issuer. All pricing is indicative only and bond price do fluctuate when market changes which may cause
loss of principal, and that there may not be a secondary market for bonds. Factors affecting market price of bonds include, and are not limited to, fluctuations in interest rates, credit
spreads, and liquidity premiums. Investors investing in bonds denominated in non-local currency should be aware of the risk of exchange rate fluctuations which may cause a loss of
principal. Investors should refer to the respective Credit Rating Agencies (Moody’s, S&P or Fitch or others as the case may be) for their rating definitions, methodology in evaluating
the creditworthiness of the issuers and how the ratings are assigned. Rating agencies may change their ratings at short notice. A change in rating may affect the price of securities
outstanding. Each prospective investor should consult independent professional advisers before making any investment decision based on your particular circumstances, in particular,
in determining the suitability and accessing the investment risks of any securities or other financial instruments.
Information and opinions presented in this publication have been obtained or derived from sources believed by IPS to be reliable, but IPS makes no representation as to their accuracy
or completeness and IPS accepts no liability for loss arising from the use of the material presented in this publication unless such liability arises under specific statutes or regulations.
This publication is not to be relied upon in substitution for the exercise of independent judgment. IPS may have issued other publication that are inconsistent with, and reach different
conclusions from, the information presented in this publication.
WARNING: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer.
If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.
Page 4 of 5
September 23, 2014
Risk Disclosure Statements for Bonds/CDs
Key risks of investing in Bonds/CDs
•
•
•
•
•
Credit risk - Bonds/CDs are subject to the risk of the issuer defaulting on its obligations. It should also be noted that credit ratings assigned by credit rating agencies do not
guarantee the creditworthiness of the issuer;
Liquidity risk - Some bonds/CDs may not have active secondary markets and it would be difficult or impossible for investors to sell the bond/CD before its maturity; and
Interest rate risk – Bonds/CDs are more susceptible to fluctuations in interest rates and generally prices of bonds/CDs will fall when interest rates rise.
Exchange rate risk - If the bond/CD is denominated in a foreign currency, you face an exchange rate risk. Any fall in the foreign currency will reduce the amount you receive
when you convert a payment of interest or principal back into your local currency
Event risk - A corporate event such as a merger or takeover may lower the credit rating of the bond issuer. In case the corporate restructurings are financed by the issuance
of a large amount of new debt-burden, the company's ability to pay off existing bonds will be weakened.
Key risks of investing in high-yield bonds
•
•
Higher credit risk - since they are typically rated below investment grade or are unrated and as such are often subject to a higher risk of issuer default;
Vulnerability to economic cycles - during economic downturns such bonds typically fall more in value than investment grade bonds as (i) investors become more risk averse
and (ii) default risk rises.
Bonds with special features
Some bonds may contain special features and risks that warrant special attention. These include bonds:
•
•
•
•
•
•
•
That are perpetual in nature and interest pay-out depends on the viability of the issuer in the very long term;
That have subordinated ranking and in case of liquidation of the issuer, investors can only get back the principal after other senior creditors are paid;
That are callable and investors face reinvestment risk when the issuer exercises its right to redeem the bond before it matures;
That have variable and/or deferral of interest payment terms and investors would face uncertainty over the amount and time of the interest payments to be received;
That have extendable maturity dates and investors would not have a definite schedule of principal repayment;
That are convertible or exchangeable in nature and investors are subject to both equity and bond investment risk; and/or
That have contingent write down or loss absorption feature and the bond may be written-off fully or partially or converted to common stock on the occurrence of a trigger
event.
Page 5 of 5

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