This article was originally published in The WIRE on 1 October 2014
There are a number of factors to consider when assessing a new bond investment – not just the return
A few years ago Glencore, a diversified multinational commodity trading and mining company, issued a bond in the domestic market for the first time. At that time, the company had a market capitalisation of around $50 billion, and was the nation’s largest coal producer through its Australian subsidiary Glencore Xstrata.
The bond is a senior unsecured fixed rate bond, which has a five year term and matures in September 2019. The fixed rate of interest at first issue was 4.50%.
This article focuses on how to assess a bond, using the Glencore bond as an example.
Our top 10 tips for assessing bonds:
- Assess the “survivability” of the company
Do you think the company will be able to survive for the term of the bond and thus pay you interest and return face value at maturity? A company the size of Glencore, with its significant assets, would likely mean survivability for the five year bond term is high.
- Understand where the bond sits in the capital structure
This bond is senior unsecured, which means it sits at the senior debt level, and in the event of wind up means that subordinated debt, hybrids (if there are any) and shares that rank below must be wiped out completely before you would incur a loss. This gives investors some comfort – and Glencore’s large market capitalisation provides an excellent equity buffer against loss, should the company default on one of its payments.
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)
Source: FIIG Securities
- Check if the bond is fixed, floating or inflation linked
The Glencore bond is a fixed rate bond and the interest payments will not change over the life of the bond. Interest payments for a fixed rate bond are mostly half yearly. Are you looking to add to the fixed rate component of your portfolio, or is your allocation high enough? If your allocation is full, you’ll need to consider selling other fixed rate assets or perhaps waiting until a term deposit matures before you invest.
Floating rate bonds pay variable interest linked to a benchmark such as the bank bill swap rate (BBSW).
- Check the term to maturity
There is a large secondary market where bonds are traded, but if you are a hold to maturity investor, you’ll need to make sure the maturity date suits your portfolio.
- Determine if you can buy the bond
The vast majority of bonds are traded in the over the counter (OTC) market and you need to find a bond broker to trade on your behalf. Over the counter bonds are available to retail and wholesale investors, however wholesale investors have a greater range of bonds to choose from.
The Glencore bond was issued in the wholesale over the counter market and is only available to wholesale investors through a bond broker.
- Assess the return given the risks.
Every bond and company has risks, do you know what they are and do the returns on offer adequately compensate you for the risks involved?
- Check the size of the issue
The larger the issue, the likely greater the liquidity, as there will be a larger number of investors that hold the bond and it will be included in bond indices. The Glencore bond raised $500 million on issue and given the size, we would expect it to have good liquidity.
- Confirm the bond has a credit rating.
This will give you an indication of the risk involved. The higher the credit rating the lower the risk. The highest investment grade credit rating is “AAA”, others include “AA” “A” and “BBB”. The last three categories can also have a “+” or a “-“ attached to them. The lower the risk, the lower the expected return. Non investment grade is anything rated “BB+” or lower.
Glencore has an investment grade credit rating, and it is considered low risk. It’s important to note that in Australia, only wholesale investors can be told the credit rating.
- Assess the relative value compared to other company investments
What returns are available on other investments in Glencore’s capital structure? Does the company issue senior secured or subordinated debt? Is the return on the senior bond what you would expect, given returns on these other investments?
- Assess the relative value compared to other bonds from similar companies
What rates of return are available from companies in the same sector and/or similarly rated companies? One possible comparator is Adani Abbott Point, which owns the Abbot Point Coal Terminal located 25kms north of Bowen Queensland. The terminal is one of the largest coal terminals in Australia. Credit rating agency, Standard and Poor’s consider Adani Abbott Point and Glencore to have the same credit rating. However due to several reasons, one being the negative sentiment to the new proposed Bowen Basin Coal mine the Adani May 2020 bond yield to maturity has risen to 7.18%*. Whereas Glencore, having had its outlook revised to Positive from Stable by S&P recently, among other favourable news has sent the bond rallying to a YTM of 3.55%*, making the Glencore bond look comparably less attractive.
The Glencore bond was attractive to wholesale investors at issue as it met the above criteria. A good bond broker should be able to provide you with research on the bonds they trade. This list will help you determine if the bond suits your portfolio and can be used to ask your broker questions.
*In this instance, the yield to maturity is the same as the yield to worst. The yield to worst (YTW) is the lowest yield an investor can expect when investing in a callable bond.