The Camella and Palmera Homes Bond Default of the 90s

May 4, 2010 By dragon 7 Comments

Below is an article that reminds us of why some people who bought CMP, or Camella and Palmera bonds in the 90s are scoffing at Manny Villar’s election jingle “nakaligo ka na ba sa dagat ng basura”, and singing their own version, “nakaligo ka na ba sa bonds na basura”

May 2nd, 2010 by Manuel Buencamino, reproduced in full from Filipino Voices

I asked a banker friend about the famous Camella and Palmera Homes bond default of the late 90s and how it related to the VistaLand IPO. Below is the banker’s explanation

The Story (all of which, except where indicated, are publicly available information):  Read more... (1724 words, estimated 6:54 mins reading time)

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DMN April 23

April 23, 2010 By dragon Leave a Comment

PSEi    3,244.45         UP      6.88
value php     3,773,125,215.00

Dow     11,134.29    +9.37    (0.08%)
S&P 500 1,208.67    +2.74    (0.23%)
Nasdaq   2,519.07    +14.46    (0.58%)

90% of  the 1/3 of the companies in the S&P that have reported earnings are all better than estimates, fewer job loss data materializes, but Wall Street chooses once again the Greek Tragedy to opt for a 1% drop at the open, which gradually and steadily recovered to flat status by closing.

Philippines struggles and ends slightly higher, luckier than its asian and european counterparts.

The few leading the charge were limited to index stocks: AC MER SMPH RLC HLCM and FPH, each one fluctuation higher except for AC 347.5 (up 12.50, psei gain of 8), MER 174 (up 5, psei gain of 6).  Read more... (336 words, estimated 1:21 mins reading time)

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DMN April 22

April 22, 2010 By dragon Leave a Comment

PSEi   3,237.57         UP     33.10
value php     3,105,239,950.00

Dow     11,124.92    +7.86    (0.07%)
S&P 500 1,205.93    -1.24    (-0.10%)
Nasdaq   2,504.61    +4.30    (0.17%)

Choppy Wall Street trading ends in a flat session, unable to claw back to definite positive territory despite good earnings results so far from Google, Apple, etc.

For the PSEi tally, half of the index stocks were gainers led by AC 335 (up 15 for psei gain of 10 points), ALI EDC ICT AEV.  ICT was just 24.50 when it was sold down two days ago and now it’s back to 28.50!  About 1/3 of the index stocks were losers led by MER 169  PX 12.75, MBT MEG FPH SMC.  Read more... (468 words, estimated 1:52 mins reading time)

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DMN March 29

March 29, 2010 By dragon Leave a Comment

PSEi    3,177.56         DOWN    3.12
value php      3,241,311,414.82

Dow    +9.15 10,850.36+0.08%
Nasdaq    – 2.28 2,395.13-0.10%
S&P 500+0.86 1,166.59+0.07%

Wall Streat rallies yet pares down the gains and close flat once again.

The Psei did the opposite as we headed straight down but recovered most of the day’s loss to close only slightly lower.

Today’s leaders were the strong Lopez stocks EDC 5.10 (after posting robust growth), FPH 55.50, FGEN 10.75, also BEL 1.80, LR 2 after announcing new gaming projects/partnership.

Responsible for giving its share for the loser side were TEL 2475, MER 180, both shed 14 psei points.

Other best overall gainers: JGS 10.75, MA/B .019, PAX 2.20.  Worst losers: OPM/B .012, OM .007 MUSX .0095, ZHI .19, VLL 2.08 (rally was in anticipation of villar leading polls, but most recent SWS survey showed villar lost ground while Noynoy gained ground).  Read more... (189 words, estimated 45 secs reading time)

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Daily Market Notes January 13, 2010

January 13, 2010 By dragon Leave a Comment

PSEi                 3,096.70         DOWN    8.92
VALUE PHP         3,710,995,225.91

DOW     36.73 -0.34% 10,627.26
NASDAQ 30.10 -1.30% 2,282.31
S&P 500 10.76 -0.94% 1,136.22

As expected, Alcoa's weak results resulted in an excuse to sell for global markets mostly higher on majority of 2010's trading days.

Fueling a deeper Asia drop was China's act of raising the bank reserve ratio after allowing bill yields to climb in the past week in an attempt to cool inflation and unsustainable gains in property and stock prices. The cost of insuring against defaults in Asia rose and Indonesia scaled back plans to raise funds.

In local equities, index stocks slightly tilted over 1/3 to the losers' side, led by TEL MER FPH ICT MEG MWC.  TEL's 30 peso drop back to 2700 was in itself worth 8 lost psei points.  Read more... (306 words, estimated 1:13 mins reading time)

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PSE reconstitutes index on November 3

October 22, 2009 By dragon 1 Comment

Starting November 3, the Philippine Stock Exchange Inc. (PSE), which runs the country’s bourse, will include itself in its benchmark 30-company index.

IN: DMC, SECB

OUT: VLL RCB ABS

The announcement “marks the first time the PSE will be included in the main index, joining listed exchanges such as Singapore Exchange, Hong Kong Exchanges and Clearing Ltd. and Australian Securities Exchange, among others, that currently form part of their main stock market indices," the PSE said in a statement.

Together with DMCI Holdings Inc. and Security Bank Corp., the PSE will replace three other companies – Vista Land and Lifescapes, Inc., Rizal Commercial Banking Corp. and ABS-CBN Broadcasting Corporation. – in the bourse’s main index, the PSE said.  Read more... (525 words, estimated 2:06 mins reading time)

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