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Research Reports
Suncorp FY10 Results Update 02 September 2010Executive Summary Suncorp Group (Suncorp) reported an encouraging set of full year results to 30 June 2010. Whilst profitability still lags its peers and margin pressures exist in both the banking... Swiss Re 2Q10 Results 10 August 2010Detailed report on Swiss Re following the 2Q10 results released 5 August 2010.Executive Summary Swiss Re is a Swiss-based global reinsurance company with a strong brand name and diversified... AXA SA report on 1H10 results 06 August 2010Detailed report on AXA SA following the 1H10 results released 4 August 2010. Executive summary: AXA SA (France parent, not AXA Asia Pacific) is one of the world’s largest insurers, with a... Lloyds Banking Group plc (LBG) incorporating HBOS - 1H10 Results 06 August 2010Detailed report on Lloyds Banking Group plc (LGB) incorporating HBOS posts half year results. Deemed “too big to fail” and systematically important to the UK. One in three UK residents... Macquarie Group Update (MQG) 25 June 2010This report is the annual review of the Macquarie Group. Key points are as follows: Profit for the year ended March 31 was $1,050m, up 21% from the previous year. This was based on operating... Bank of Queensland Trading Update 18 June 2010Bank of Queensland is a regional bank with a focus on mortgage lending and equipment financing. The majority of lending is from its home state of Queensland. The bank has stabilised profitability... Suncorp (SUN) Research Report 12 April 2010Suncorp is a financial services conglomerate providing banking, insurance, investment and superannuation services. The company was formed by a Queensland government instigated merger of... AXA SA Tier 1 Bond Update 07 April 2010This report is a trading update on AXA SA Tier 1 bonds. Key points are as follows: AXA SA (France parent, not AXA Asia Pacific) is one of the world’s largest insurers, with a very strong... Bendigo and Adelaide Bank Update 16 February 2010Bendigo and Adelaide Bank (BEN) yesterday announced its 2010 first half result. Key points are as follows: Net profit after tax was $104.1m, a 106% increase on the $50.6m reported for the prior...Articles from The Wire
QBE 1H10 Results - Good For Bondholders, Not So Good For Shareholders 25 August 2010by Justin McCarthy QBE announced their first half results on 19 August. The headline net profit figure fell to US$440m, which was down 39% from the corresponding period last year. Despite the fall in... Aggressive Fixed Income Portfolio - High Single-Digit Running Yield with Capital Gain Upside 11 August 2010by Justin McCarthy An aggressive fixed income portfolio with a long term focus that seeks to provide equity like returns for debt like risk. By investing further down the capital structure, it is... AXA Reports Another Solid Set of Half Yearly Figures 11 August 2010by Justin McCarthy AXA SA released their first half results (to 30 June 2010) last week with net profit of €944m, well ahead of the €680m consensus estimate. The headline profit... Hybrids versus Equities 04 August 2010by Brad Newcombe Advantages of Hybrids over Equities Hybrids are often compared with shares in terms of risk; however they have a number of advantages. Four of the key characteristics of hybrids that... Macquarie Bank Calls 2015 FRN 28 July 2010Macquarie Bank has issued a notice reporting that it will call its LT2 USD floating rate note, maturing 18 September 2015, in September this year. This recent call continues to support the view that... Fairfax Hybrids a License to Print Money (FXJPB) 14 July 2010by Brad Newcombe Fairfax Media is one of Australia’s oldest companies with a history dating back to 1841 when John Fairfax purchased The Sydney Morning Herald. Fairfax owns a coterie of... Where Will Infrastructure Funding Come From in the Future? 14 July 2010by Gavin Madson An article in yesterday’s (13 July 2010) Australian Financial Review noted the possible lack of funding available to the Victorian government for its ambitious transport plan... Ramsay Health Care CARES to Convert? 07 July 2010by Brad Newcombe With an expected yield to call of around 30.00%, the Ramsay Health Care CARES (RHCPA) is a hybrid that looks like a compelling opportunity. The key phrase in that last sentence... New Issues 07 July 2010BOQ $150m Convertible Note Issue Bank of Queensland issued $150m lower tier 2 convertible notes in three tranches in a private placement. The notes may be converted into BoQ shares starting with... Bank of Queensland Update (BOQ) 23 June 2010by Brad Newcombe A summary of our recent Bank of Queensland research piece. We recently completed a research piece on Bank of Queensland. Some of the key points of the research follow: Bank of... Northern Rock - Bad Bank Looks Attractive 09 June 2010By Liz Moran Northern Rock, one of the casualties of the global financial crisis, was nationalised in February 2008. On 1 January 2010 the bank was split into two separate, government-owned... Why Australian Bank Sub Debt is Excellent Value 02 June 2010by Justin McCarthy Subordinated debt (“sub debt”), as the name implies, is subordinate or ranks below other forms of debt in the event of a liquidation. Due to regulatory requirements,... Regional Bank Hybrids 02 June 2010by Brad Newcombe The recent volatility in financial markets caused by European concerns has resulted in some bargains becoming available in regional bank hybrids. Prices of the securities have... FIIG Responds to Critics of a More Accessible Retail Bond Market 02 June 2010by Dr Stephen Nash Recent regulatory developments relating to the retail bond market may change the nature of funding and investing in retail bonds in Australia, however some have doubted that they... Risk Vs. Reward 12 May 2010by Elizabeth Moran When considering investing in any form of asset it is worth considering the risk versus reward continuum. Generally, lower risk investments provide lower returns. Australian... Double Digit Yields in Fixed Income 05 May 2010by Brad Newcombe The last few weeks have highlighted the ever-present risks in financial markets. Stock market volatility has returned on the back of the Greek sovereign debt crisis. Also, the debate... The Wire - 21 April 2010 21 April 2010 Best Offers on Bonds and Term Deposits Upcoming Economic Releases An Increasingly Positive Assessment: RBA Minutes 6 April In the minutes of the RBA board meeting,... US Bank Update - Goldman Sachs/ Bank of America/ Citigroup/ JP Morgan 21 April 2010Goldman Sachs (A negative/ A1 negative/ A+ stable) Weekend news that the Securities and Exchange Commission (SEC) had filed a lawsuit against Goldman Sachs related to a 2007 CDO transaction sent the... What Price Australand Assets? 14 April 2010Credit spreads are crunching in. There have been several signs that credit markets are normalising after the extreme dislocation which has occurred over the past few years, but none more apparent... An Infrastructure Asset Offering Wide Spreads - DBNGP 07 April 2010This report is a trading update on DBNGP Finance Co. Key points are as follows: The Dampier-to-Bunbury natural gas pipeline is the primary gas transmission pipeline in Western Australia,... An Infrastructure Asset Offering Wide Spreads 06 April 2010The Dampier-to-Bunbury natural gas pipeline is the primary gas transmission pipeline in Western Australia, connecting the states’ significant gas resources of the North West Shelf to the... Building Sector Comparisons 06 April 2010After a tumultuous eighteen months, the property trust/developer sector seems to have stabilised over the last six months. While there were further writedowns of property assets as capitalisation... High Yield Portfolio Delivers 168% Return 30 March 2010A year has now passed since we first floated the idea of a recommended high yield portfolio in ‘The Wire’. At the time hybrids, along with most listed securities, were trading at rock... ALE Notes 2 30 March 2010Last week the ALE Property Group, which owns 89 pubs throughout Australia’s five mainland states, announced the launch of the of the ALE Notes 2, an unsecured bond offering a margin of... What is WACC? Regulated Infrastructure Asset Review Part 2 30 March 2010What is the Weighted Average Cost of Capital (WACC)? In Part 1 of our piece on investing in infrastructure assets we looked at what regulated infrastructure assets are, how they are regulated, and... The Wire - 23 March 2010 23 March 2010Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Lloyds/HBOS Subordinated Debt Mispriced by the Market In the past... Lloyds/HBOS Subordinated Debt Mispriced by the Market 23 March 2010Over the past few years we have regularly reviewed HBOS and subsequently Lloyds following the “shotgun” marriage at the peak of the banking crisis in late 2008/early 2009. Until now we... Lock in Long Dated Term Deposits 16 March 2010As a home owner, what would you do right now if you found a fixed mortgage rate of 4%? Switch out of your variable loan and lock the fixed rate in for as long as possible. It’s a... Hybrids v Equities - Dispelling the Myths 16 March 2010Are hybrids as risky as equities? That is a view that seems to be gaining traction in certain financial circles these days. Some financial commentators are suggesting that hybrids offer the worst of... Aussie Airports Take Off 16 March 2010Like the rest of the Australian economy, the airport sector saw only mild effects from the global downturn and is emerging in a strong position and ahead of its international peers. Whilst growth... The Wire - 02 March 2010 02 March 2010Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases RBA Lifts Rates 0.25% - What Will The Banks Do? The RBA today... Hybrid Update - Ramsay Health Care (RHCPA), Transpacific Industries (TPAPA) 02 March 2010Ramsay Health Care (RHCPA) Ramsay Health Care recently reported a strong increase in net profit for the six months to 31 December 2009 to $78.6m. Underlying earnings before interest and tax (EBIT)... Royal Bank of Scotland FY09 Results (A/Stable, A1/Stable, AA Stable) 02 March 2010Royal Bank of Scotland (RBS), majority owned by the UK Government, reported a narrower than expected loss last week of £1.9bn versus a loss of £8.3bn last year. The improved result... Relative Value for Subordinated Debt in a Brave New World 02 March 2010In the aftermath of the global financial crisis (GFC), new problems face fixed income investors. One of these problems is the identification of relative value in fixed income has become more... AXA - 2H09 and FY09 Results Beats Consensus, Strong Solvency Ratio 23 February 2010On 18 February AXA released a very impressive set of 2H09 and FY09 results. The key takeaway for bond holders being the jump in solvency ratio from 127% at FY08 to 171% at FY09 which practically... Term Deposit Rates Remain Elevated - Great for Investors but a Growing Problem for Banks 16 February 2010Over recent months we have written a number of articles about the high term deposit rates on offer. While this one adds to the list we have taken a graphical approach with the saying “a picture... D-Day for MXUPA and PXUPA 16 February 2010Milestone dates for two of our favourite hybrids, the Multiplex Sites (MXUPA) and the PaperlinX SPS (PXUPA) are fast approaching. Depending on the outcome of the forthcoming announcements, investors... The Wire - 09 February 2010 09 February 2010 Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Government Guarantee Withdrawal On Sunday the government... Rural Bank Subordinated Debt Issue 09 February 2010FIIG Securities recently acted as arranger of a subordinated debt issue for Rural Bank. Details of the issue are as follows: Details of the issue are as follows: Issuer: Rural Bank Type: Subordinated... Goodman Group/Goodman Plus Trust Update 12 January 2010After an eventful start to 2009 things have quietened down at Goodman Group. Since our research the balance sheet of the company has also been bolstered by a small capital raising via the exercise of... Bendigo and Adelaide Bank Update 16 December 2009Bendigo and Adelaide Bank yesterday announced its 2010 first half result. Key points of the result follow: Net profit after tax was $104.1m, a 106% increase on the $50.6m reported for the prior...News Articles
Zero ResultsEducation Articles
Hybrids versus Equities 04 August 2010by Brad Newcombe Advantages of Hybrids over Equities Hybrids are often compared with shares in terms of risk; however they have a number of advantages. Four of the key characteristics of hybrids that... Risk Vs. Reward 12 May 2010by Elizabeth Moran When considering investing in any form of asset it is worth considering the risk versus reward continuum. Generally, lower risk investments provide lower returns. Australian... What is WACC? Regulated Infrastructure Asset Review Part 2 30 March 2010What is the Weighted Average Cost of Capital (WACC)? In Part 1 of our piece on investing in infrastructure assets we looked at what regulated infrastructure assets are, how they are regulated, and...