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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » PLC Debenture is out of touch

PLC Debenture is out of touch

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1PLC Debenture is out of touch Empty PLC Debenture is out of touch Fri Mar 08, 2013 1:06 pm

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
PLC Debenture issue comes with handy rates
5 Yr 17% p.a.
That's an excellent rate

But, no chance for retailers :minimum LKR 1 million & incremental of LKR 0.5 million
I don't know why they have kept like this. It will be disadvantage for sure

2PLC Debenture is out of touch Empty Re: PLC Debenture is out of touch Fri Mar 08, 2013 1:17 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Disadvantage? It's a serious debenture not a stock. They are just making it public due to formalities (unlike other firms). PLC can easily raise 6B at 17% from any of the life insurers or the EPF

3PLC Debenture is out of touch Empty Re: PLC Debenture is out of touch Fri Mar 08, 2013 1:23 pm

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
Yes, true. They have access to captive sources. Thats why thye would have opted out retailers.
But, don't forget BOC took almost two weeks to get subscribed its LKR 6 billion 16% p.a. debenture issue.

You can not compare BOC & PLC.
But, I agree with you that they will get it.

4PLC Debenture is out of touch Empty Re: PLC Debenture is out of touch Fri Mar 08, 2013 1:56 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@salt The reason why BOC took a long time is because of the lack of direction in the government bond market.

You see the government bond is risk free. PLC carries some risk.
If the bond rate goes up to 15%, the secondary PLC rate will go up to 23% or there abouts.....that is a huge loss for holders of PLC.
This also applies for all the other debenture holders (COCR, SEYB, LOLC etc etc)

Now the direction is that rates will remain low at whatever cost and corporate debentures will be promoted

5PLC Debenture is out of touch Empty Re: PLC Debenture is out of touch Fri Mar 08, 2013 2:01 pm

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
True. Timing is different. I believe that we would PROBABLY see lower rate environment for next couple of years. thinking this, i have placed all long term since last Sept. But, I am bit skeptical about this- whether CBSL will be able to maintain it while pressure from treasury to fill the hole.

I don't know whether market participants really believe that the rate direction is DOWNWARD. right now, its because of we sell big quantities to foreigners that helped to maintain FX & Interest both at low. This is Temporaray

6PLC Debenture is out of touch Empty Re: PLC Debenture is out of touch Fri Mar 08, 2013 2:14 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Rates work as a cycle but the CB has found a clever way to break the cycle.

Rates are low because of the increasing the supply of money. For SL this increases when foreign inflows get "passed through" the domestic rupee market ..... it creates too much liquidity

Increased money supply also occurs with bailouts and budget deficits. So now that there is more cash, inflation increases.

Increases in inflation result in increases in interest rates

..................................................

The CB has broken this link by stopping inflation from occuring in spite of the increased money supply. They do this by getting all that printed money back (ie sell repos).

7PLC Debenture is out of touch Empty Re: PLC Debenture is out of touch Fri Mar 08, 2013 2:22 pm

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
@ rainmaker
I don't understand this logic. But, time will only tell
There are no short cut to success.
No monetary policy can lift growth, only hard work, certainly MP could support in lifting.

8PLC Debenture is out of touch Empty Re: PLC Debenture is out of touch Fri Mar 08, 2013 2:35 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Theory is theory.

The shortcut to success right now is medium term debt. The banks are too small to do anything meaningful. Take a private bank like HNB/COMB -> only $5 billion in assets. What can you do with that?

Can you build a mega industrial company with that? How is the seafood/agriculture industry going to be industrialised? How is the shipping industry going to be expanded? We need ships/tankers/containers to boost capacity.

9PLC Debenture is out of touch Empty Re: PLC Debenture is out of touch Fri Mar 08, 2013 5:40 pm

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
These debentures are to be listed, we may be,able to buy from secondary market.

10PLC Debenture is out of touch Empty Re: PLC Debenture is out of touch Sat Mar 09, 2013 1:00 am

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
Yes, could be, but unlikely at these yields.

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