Is this Olam bond under valued?

  • Olam 5.35% USD Perp
  • Call Date : July 2021 & every 5 years thereafter
  • Reset Rate : 5yr UST + 6.29%
  • Currency : USD
  • Current Price : 100.25%
  • Par value of 1 lot : USD$200,000
  • Can supercharge at 2.5%
  • Fund US$65,0000 to purchase 1 lot of US$200,000 (Loan to value  at 70%)

Compare this with

  • Olam 6% Oct 2022 Senior bond
  • Currency : SGD
  • Current Price : 105.50
  • Par value of 1 lot : SG$250,000
  • Can supercharge at 2.28%
  • Fund US$85,0000 to purchase 1 lot of SG$250,000 (Loan to value  at 70%)

My opinion is that the Olam 5.35% perp at 100.25  is undervalued, or the Olam 6% at 105.50 is over priced.