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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Commercial Credit Debenture Issue

Commercial Credit Debenture Issue

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1Commercial Credit Debenture Issue Empty Commercial Credit Debenture Issue Wed Jan 23, 2013 10:53 am

hettdas

hettdas
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
What do you think about Commercial Credit Debenture Issue.? Their Rate is good but Security wise I don't have any idea. I would like to know your feed back about this.

2Commercial Credit Debenture Issue Empty Re: Commercial Credit Debenture Issue Wed Jan 23, 2013 3:48 pm

raptor


Manager - Equity Analytics
Manager - Equity Analytics
I was tempted too by the high intereste rate. Read the prospectus and I am not convinced. Its a subordinated issue meaning you are behind their senior lenders which are the banks. The rate they pay the banks also seems higher when taking into account their seniority vs the debenture. Its 5-years as well and given how illiquid debt trading is you will have to hold it for the full 5-years. Personal opinion is to avoid. There is a reason they are paying 21%, they have to given the bad credit quality. Choose wisely, you might as well go and deposit money with them, at least you have better security. Compare their 5-year fixed deposit vs the debenture and see.

3Commercial Credit Debenture Issue Empty Re: Commercial Credit Debenture Issue Wed Jan 23, 2013 4:26 pm

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Yes i also lost the confident on commercial credit. I dont know why they need this 250m at this much high cost while they have around 8b deposits according to financials. What are the businesses we have in sri lanka to cover 20% COC. definitely micro credit is incredible with above 50% effective interest with there weekly collection nature. After that it is drug selling and transportation will have a good margin to cover this COC...

Another factor is COCR is looking for a huge growth in couple of years and they proved it also. Better to go for this with a good back plan.

4Commercial Credit Debenture Issue Empty Re: Commercial Credit Debenture Issue Thu Jan 24, 2013 3:46 pm

sriranga

sriranga
Co-Admin
http://www.cse.lk/cmt/upload_cse_announcements/4471359010091_.pdf

Commercial Credit Debenture Issue Cocr10

http://sharemarket-srilanka.blogspot.co.uk/

5Commercial Credit Debenture Issue Empty COCR debt issue Mon Jan 28, 2013 11:07 am

VISA


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Look like very weak response for Commercial Credit debenture issue. What will happen to the share.
250 million debenture issue.

http://cse.lk/cmt/uploadAnnounceFiles/721359349606_.pdf

6Commercial Credit Debenture Issue Empty Re: Commercial Credit Debenture Issue Mon Jan 28, 2013 1:01 pm

coolkane


Manager - Equity Analytics
Manager - Equity Analytics
Guys I think this will b the last chance you all have.I dnt think that in future u wll get this kind of high interest paying issue.There lending mostly in micro credit with high rate and their interest margin abt 22.4 which is highest among the finance companies.Also NPL abt 3.They are goin for the tire II capital and this will enable them to expand their business.Even this is a listed one that means in the interest rate down scenarios you can sell them and earn a higher capital gain.So I think this an attractive issue.I have invested some money on this.Rather than going for high volatile investment in stocks at this market condition it is a wise decision.

7Commercial Credit Debenture Issue Empty Re: Commercial Credit Debenture Issue Wed Jan 30, 2013 8:06 am

hettdas

hettdas
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Thank you very much for all of your valuble comments.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Feb 08, 2013 (LBO) - Sri Lanka's Commercial Credit is seeking subscriptions for debentures up to 500 million rupees, after the first tranche of 250 million rupees was taken up, managers to the issue said.

Up to February 07, 168 applications worth 354 million rupees had been received.

The Merchant Bank of Sri Lanka which is managing the issue said the subscriptions will be kept open until February 2013 or till orders reach 500 million rupees.

The unsecured debenture has been rated BB by RAM Ratings, two levels below investment grade.
http://www.lbo.lk/fullstory.php?nid=857886039

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
http://www.cse.lk/cmt/upload_cse_announcements/7031360733252_.pdf

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