3 new CWs to be listed on Monday- IOI-CC, KLK-CC & Resorts-CB

On Monday, we will have the listing of 3 new CWs i.e. IOI-CC, KLK-CC & Resorts-CB. The main terms of these CWs are tabulated below and, next to them, I've shown the terms of the existing related CWs for comparison purposes.



Based on their IPO prices, these are my comments regarding these new CWs:

1. IOI-CC & KLK-CC are priced at a premium just slightly lower than the recently-issued IOI-CB & KLK-CB. While they offer higher gearing than the recently-issued IOI-CB & KLK-CB, their tenors are shorter. Amongst the IOI & KLK's CWs, my preference is for KLK-CA.
2. Resorts-CB is more pricey than the existing Resorts-CA but it offers higher gearing & longer tenor. Is the higher premium justifiable?

While these 3 new CWs would likely to trade at a price higher than their respective IPO price at the opening bell on Monday, I believe their price upside will be limited due to their high premium.