QBE今年財赤確實嚴重(The company expects a statutory net after-tax loss of around $1.5bn for 2020, compared with a net profit of $547m in 2019.) 相信在疫症的打擊下，不論承保公司的多寡，保險行業的挑戰仍是大的。但只要是大得不能倒的企業，例如QBE這類國家級保險公司，其債券將會是比股票更穩陣的選擇。
在 prospectus 我們可以看到 “Mid Market Swap Rate” means in relation to the First Interest Reset Period, 3.20% per annum and, in relation to each subsequent Interest Reset Period, the mid market US$ swap rate Libor basis having a ten year maturity in each case as appearing on Reuters page “ISDAFIX1” (or such other page as may replace that page on Reuters, or such other page as may be nominated by the person providing or sponsoring the information appearing there for the purposes of displaying comparable rates) as at 11:00 a.m. (New York time) on the determination date, as determined by the Calculation Agent..
看了Cherry姐文章，QBE在港都係主打一般保險，想不到其本土醫保理賠情況嚴重，但相信都不會太影響到，因為主保公司會射到其他再保公司分擔風險
回覆刪除感謝阿壽師弟的補充！
刪除QBE今年財赤確實嚴重(The company expects a statutory net after-tax loss of around $1.5bn for 2020, compared with a net profit of $547m in 2019.) 相信在疫症的打擊下，不論承保公司的多寡，保險行業的挑戰仍是大的。但只要是大得不能倒的企業，例如QBE這類國家級保險公司，其債券將會是比股票更穩陣的選擇。
要留意 coupon rate 會在今年5月 reset.
回覆刪除可在李家坡 Bondsupermarket 下載此 bond 的 prospectus
https://www.bondsupermart.com/bsm/bond-factsheet/USG7306BAA29
7.5% 票面息會去到24/5/2021 完結, reset 後的票面息會變成
Mid Market rate + 4.05%
在 prospectus 我們可以看到
“Mid Market Swap Rate” means in relation to the First Interest Reset Period, 3.20% per annum and, in relation to each subsequent Interest Reset Period, the mid market US$ swap rate Libor basis having a ten year maturity in each case as appearing on Reuters page “ISDAFIX1” (or such other page as may replace that page on Reuters, or such other page as may be nominated by the person providing or sponsoring the
information appearing there for the purposes of displaying comparable rates) as at 11:00 a.m. (New York time) on the determination date, as determined by the Calculation Agent..
這一段就是說, 第一個派息期, Mid Market Swap Rate 是 3.25%, 加上4.05% 的 margin, 就是開始的 7.25%.
第二個派息期由 24/5/2021 開始. 假設以今天(7/1/2021)的USD Swap rate 10year 約1.073% 來估算, 加上4.05%的margin, reset rate 就是5.123%.
還有第三個派息期是由 24/5/2031 開始, 公式一樣.
感謝魔術師兄的詳細分析！謝謝不吝分享。我也在其他平台澄清資訊先🙏
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