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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Central Finance Debenture Issue at a glance

Central Finance Debenture Issue at a glance

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sriranga

sriranga
Co-Admin
Central Finance Debenture Issue at a glance Centra10
http://www.cse.lk/cmt/upload_cse_announcements/2181385635419_.pdf

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

sriranga

sriranga
Co-Admin
Fitch Ratings-Singapore/Colombo-27 November 2013: Fitch Ratings has assigned Central Finance Company PLC's (CF, A+(lka)/Stable) issue of listed senior secured redeemable debenture of up to LKR2bn a final National Long-Term rating of 'A+(lka)'. The debenture will have four types with maturity between three to five years while coupon payments will be fixed rate.

The assignment of the final rating follows the receipt of final documents which conform to information previously received. The final rating is at the same level as the expected rating assigned on 14 November 2013 (see 'Fitch Rates Central Finance Company's proposed senior 'A+(lka)'on www.fitchratings.com).

KEY RATING DRIVERS
The proposed senior secured debenture is rated in line with CFs National Long-term Rating. The debenture is secured by a primary mortgage over receivables from identified hire-purchase and lease agreements. It will be omitted from the enhanced statutory liquid assets requirement for licensed finance companies applicable in 2014. This is in contrast to unsecured borrowings for which CF will need to post an 5% minimum reserve with the central bank if not included in the company's capital funds. Fitch has not provided any rating uplift for the collateralisation as the secured notes' recovery prospects are assessed as being average and comparable with those of the unsecured notes in a developing legal system.

RATING SENSITIVITIES
Greater product diversity, together with improved funding flexibility commensurate with higher-rated peers, could lead to an upgrade. However, taking into account the current pressure on CF's asset quality, Fitch does not see an upgrade as likely in the medium term.
CF's rating could be downgraded if it is unable to provide a buffer against further loan quality deterioration through profit, which would lead to an increase in unprovided NPLs relative to equity.
http://fitchratings.lk/
The debt ratings will move in tandem with CF's National Long-Term Rating.

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

Backstage

Backstage
Moderator
Moderator
Oh gosh this is a debenture wasangathe, does anyone know if the tax breaks end this year ? is this what this spate is about ??

econ

econ
Global Moderator
it was warrants factories earlier now its debenture factories.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Before 31/12/2013 we can see minimum 3 more to come in the market.

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Lol! Dunno where and when this will end!

Very soon CSE can become CDE! Colombo Debenture Exchange!

sriranga

sriranga
Co-Admin
Central Finance Debenture Issue at a glance Iss110
Central Finance Debenture Issue at a glance Iss210
http://www.cse.lk/pdf/cf_pros.pdf

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

Fresher


Moderator
Moderator
They recently had a debenture issue which was a few basis points more. I don't understand why they're going for another in quick succession. Couldn't they have raised more on the first attempt?
Makes me think if they tested the water and now trying to capture the opportunity to raise before it's too late, but still they will be spending again for this issue. hmm..

yaka

yaka
Manager - Equity Analytics
Manager - Equity Analytics
[quote="npp"]They recently had a debenture issue which was a few basis points more. I don't understand why they're going for another in quick succession. Couldn't they have raised more on the first attempt?
Makes me think if they tested the water and now trying to capture the opportunity to raise before it's too late, but still they will be spending again for this issue. hmm..[/quote
you are right. they just did another debenture issue on 04 months back. but isn't that the same thing MBSL and SENKADAGALA also did. 02 debenture isses in within 06 months.....

Fresher


Moderator
Moderator
yes true. but in this case there is next to no difference in the rate that they have offered. As for Senkadagala and MBSL the rates are fairly lower for the recent offers.

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
NTB to issue 3 billion worth debentures!

MCSL to raise 500m via debentures!

Its raining debentures!!!

Hmmm....

K.Haputantri

K.Haputantri
Co-Admin
npp wrote:They recently had a debenture issue which was a few basis points more. I don't understand why they're going for another in quick succession. Couldn't they have raised more on the first attempt?
Makes me think if they tested the water and now trying to capture the opportunity to raise before it's too late, but still they will be spending again for this issue. hmm..
This is a fairly reputed finance company. That is why they offer secured debentures at lesser interest rates than others. May be they want to raise working capital as and when necessary and costs involved in this exercise is minimal?

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
All are milking the Govt tax exempted period as an opportunity. If you see who were the buyers of the debenture - Majority were Banks and Financial Institutions (Local as well as Foreign bodies). Plus most of the dealings were agreed before launching the offer.(So called grey market)

Gaudente


Senior Equity Analytic
Senior Equity Analytic
@K.Haputantri wrote:This is a fairly reputed finance company. That is why they offer secured debentures at lesser interest rates than others. May be they want to raise working capital as and when necessary and costs involved in this exercise is minimal?
I agree, although the interest rate ain't exceptional, the fact the issuance is guaranteed by mortgage receivables makes it a fair deal : I'm in with my usual 2 cents... oops I meant 2 millions Laughing 

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
http://www.cse.lk/cmt/upload_cse_announcements/4461386652883_.pdf

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
http://www.cse.lk/cmt/upload_cse_announcements/101386843820_.pdf

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
http://www.cse.lk/cmt/upload_cse_announcements/8511387511269_.pdf

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