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Company tracker

Company status updates and factsheets for FIIG wholesale clients.

AAI Limited

Tracker status Updated on 30 July 2020

Australian general insurers are unlikely to see a significant increase in claims as a result of COVID-19. The majority of their operations are centred on property and casualty insurance. Households are likely to look at options around reducing non-essential insurance------this is more likely to impact health insurers. Investment income, which is generated to support claims, is likely to come under some pressure, although insurance income should be stronger this half. Capital is a strength for the sector.

Factsheets

AUD BBSW+3.20% - October 2042 - Unsecured subordinated - Tier 2 Notes
AUD BBSW+3.30% - November 2040 - Unsecured subordinated -Tier 2 Notes

Adani Abbot Point Terminal

Tracker status Updated on 30 July 2020

AAPTs operations are currently classified as an essential service and the company has not recorded any material negative impact from COVID-19 to date. AAPT has strong contractual protections given it operates take-or-pay contracts with its customers. On 20 March 2020, AAPT noted its customers remain in a position to meet their obligations under their user agreements.

Factsheets

USD 4.45% - 15 December 2022 - Secured Notes
AUD 6.10% - 29 May 2020 - Senior Secured Notes

AGN

Tracker status Updated on 30 July 2020

Operates essential services with limited immediate impacts.

Factsheets

AUD 3.04% - 20 August 2025 - Senior Secured Notes

ALE Finance

AUD 3.40% - 20 November 2023 - Class AA Commercial Mortgaged-Backed Security

American Axle

USD 6.25% - 15 March 2026 - Senior Unsecured Notes
USD 6.25% - 1 April 2024 - Senior Unsecured Notes

AMP

Tracker status Updated on 30 July 2020

On 1 July 2020, AMP announced that it had completed the sale of its life insurance operations, AMP Life, to Resolution Life, after the market closes on 30 June 2020. Following the sale of its life insurance operations, the remaining operations consist of domestic and international asset management, domestic wealth management, and domestic banking activities.

On 13 July 2020, S&P Global Ratings (S&P) lowered the ratings on AMP Limited to the nonoperating holding company of AMP and the issuer of the AUD250m BBSW+2.75% Nov 2023c notes, to ‘BBB’. The ratings on the notes were also lowered by a notch to ‘BB+’. It is worth remembering, for the most part, that a lower rating on continuing operations (and associated debt) is not a reflection of a deterioration in its underlying credit quality, but rather a loss of implicit support from a higher-rated business, being AMP Life. AMP Life was the highest rated business within the group, yet its return on a capital-adjusted basis is the lowest--both of which are a function of its capital-intensive business model (hence the decision to sell the business).

Recall too that following the sale of AMP Life, the key risk facing the notes--that is, the risk that they are required to absorb losses at some point in the future--will primarily be a reflection of AMP’s banking operations, whose underlying credit quality will be largely unaffected by the sale. S&P affirmed the rating on AMP Bank at ‘BBB+’.

Factsheets

AUD BBSW+2.75% - 15 November 2028 - Subordinated Tier 2 Notes

ANZ Bank

Tracker status Updated on 30 July 2020

The underlying performance for the major banks was solid for the first six months of fiscal 2020 (1H20). Operating income was broadly stable half-on-half as largely flat net interest margins were met with soft, yet still positive, volume growth. Performance will soften in the near-term as mortgage and other loan deferrals take effect, although government support to date appears to be filling the gap left by a loss of income. Provisions (collective for the most part) increased sharply. The major banks provided base case and downside economic scenarios (year-end estimates for unemployment, output and house prices) and the impact of those scenarios and estimates on their respective regulatory capital ratios (a measure of their solvency). On this basis, we believe the major banks would have sufficient levels of capital to absorb a further increase in provisions as envisaged in modelled downside scenarios.

Factsheets

AUD BBSW+2.70% - 17 May 2026 - Subordinated Tier 2 Notes
AUD BBSW+1.93% - 25 June 2024 - Subordinated Tier 2 Notes
AUD BBSW+0.77% - 18 January 2023 - Senior Unsecured Notes
AUD BBSW+2.00% - July 2029 - Unsecured Subordinated Tier 2 Notes

Armour Energy

Tracker status Updated on 30 July 2020

Armour is highly exposed to domestic gas spot prices which have fallen significantly as a result of oversupply in the domestic market. While Armour recently released an update noting it had reduced staffing costs and will defer capex spend where possible, the company has limited ability to absorb additional costs or lower earnings over a prolonged period. On 19 June 2020, Armour announced it had secured over AUD8m of committed subscription funds from its previously announced equity raise. The announcement came a day after Armour announced it had entered into a sale agreement with APLNG for its stake in the Murrungama asset. Consistent with the terms of the notes, part of the sale proceeds will be used to prepay some of the notes.

Factsheets

AUD 8.75% - 29 March 2024 - Senior Secured

Aroundtown

Tracker status Updated on 30 July 2020

Liquidity remains adequate with EUR2.1bn in cash on its balance sheet. Aroundtown's portfolio is diversified by asset type and tenant, with a low dependency on single markets. Additionally, its recent acquisition of TLG should provide additional resiliency to its EUR23bn real estate portfolio.

Factsheets

AUD 4.50% - 14 May 2025 - Senior Unsecured

AT&T

Tracker status Updated on 30 July 2020

Liquidity remains sound with USD9.9bn in cash and USD15bn available under its credit revolving facility (remains undrawn). Additionally, AT&T negotiated an USD5.5bn loan agreement (providing further liquidity). While the Company has withdrawn FY20 guidance, its Communication segment (+75% of revenue and +50% of EBITDA) remains relatively resilient. Expect lower new handset upgrades and softer revenues from its WarnerMedia segment (movie and television shut down and reduced advertisement revenue).

Factsheets

AUD 4.60% - 19 September 2028 - Senior Unsecured Notes

AusNet

AUD 4.40% - 16 August 2027 - Senior Unsecured Notes

Auswide Bank

AUD BBSW+4.80% - June 2026 - Subordinated Tier 2 notes
AUD BBSW+3.20% - June 2029 - Unsecured Subordinated Tier 2 notes

Australian National University

AUD 3.27% - 7 October 2029 - Senior Unsecured Notes

Aviation Training Investments

AUD 7.50% - 13 November 2020 - Senior Secured Notes

Axiom Education

AUD 70m CPI + 3.85% - December 2032 - Senior Secured Inflation-linked Notes

Barminco

Tracker status Updated on 30 July 2020

On 15 April, Barminco’s parent company, Perenti, confirmed that it had not experienced any material financial impact as a result of COVID-19 related disruptions. Mining operations in Australia have been classified as ‘‘essential services’’ and as such Barminco’s operations have had limited impacts to date, with only a single contract being temporarily suspended. On 15 June, Perenti announced that it had increased the size of its revolving credit facility by AUD130m, in part as replacement of the undrawn AUD45m credit facility held by Barminco. This is part of Perenti’s broader strategy to simplify its capital structure. The company announced that it still intended to refinance the 2022 Barminco notes once market conditions improve.

Factsheets

USD 6.625% - 15 March 2022 - Senior Secured Notes

Bank of Queensland (BOQ)

Tracker status Updated on 30 July 2020

Suncorp and Bendigo have recently updated their collective provisions to reflect the impact of COVID-19. Suncorp increased its collective provision to 1.15% of credit risk-weighted assets (from 0.68% in the prior quarter) and Bendigo’s collective provision was increased to 1.06% (from 0.67%). Both remain at the lower-end of major bank comparisons, although this is likely to reflect the relatively higher concentration to residential mortgages (less tail risk). Economic scenarios modelled were comparable to those provided by the major banks.

Factsheets

AUD BBSW+3.40% - May 2026 - Subordinated Tier 2 Notes
AUD BBSW+1.85% - May 2028 - Subordinated Tier 2 Notes

Bendigo & Adelaide Bank

Tracker status Updated on 30 July 2020

Suncorp and Bendigo have recently updated their collective provisions to reflect the impact of COVID-19. Suncorp increased its collective provision to 1.15% of credit risk-weighted assets (from 0.68% in the prior quarter) and Bendigo’s collective provision was increased to 1.06% (from 0.67%). Both remain at the lower-end of major bank comparisons, although this is likely to reflect the relatively higher concentration to residential mortgages (less tail risk). Economic scenarios modelled were comparable to those provided by the major banks.

Factsheets

AUD BBSW+2.45% - 30 November 2028 - Subordinated Tier 2 Notes
AUD BBSW+2.80% - 29 January 2024 - Subordinated Tier 2 Notes
AUD BBSW+2.80% - 9 December 2026 - Subordinated Tier 2 Notes
AUD BBSW+1.05% - 25 January 2023 - Senior Unsecured Notes

BHP Billiton

Tracker status Updated on 30 July 2020

COVID-19 has dramatically impacted the global economy and the outlook for commodities. In the quarter ending March 2020, across BHP’s portfolio, the average realised price of its major commodities were down an average of 9.2% from the prior corresponding period. However, BHP has a resilient business underpinned by low cost operation and the company is expected to continue to generate solid cash flows. As at 31 December 2019, BHP had USD14.3bn in cash and equivalents on balance sheet.

Factsheets

GBP 6.50% - 22 October 2077 - Subordinated Notes
USD 6.75% - 19 Oct 2075 - Subordinated Notes
USD 6.25% - 19 Oct 2075 - Subordinated Notes

BP Capital

USD 4.375% Perpetual - 22 June 2025 - Subordinated Notes
USD 4.875% Perpetual - 22 June 2030 - Subordinated Notes

Brisbane Airport

AUD 4.50% - December 2030 - Senior Secured Notes

Centuria Capital

Tracker status Updated on 30 July 2020

Minimal impact on earnings with a sound liquidity profile. Predominantly real estate healthcare, industrial and office assets backed with high occupancy and strong tenants such as Woolworths, Federal and State Governments, Target and Visy. On 15 June, Centuria announced that it had launched a full takeover offer to acquire the remaining shares in Augusta Capital Ltd that it doesn’t already own. The transaction is valued at NZD130m and is to be funded by a combination of issuance of new Centuria shares and cash on hand. If successful, the acquisition will increase Centuria’s asset under management by 24% to AUD8.9bn.

Factsheets

AUD 7.00% - 21 April 2021 - Secured Notes
AUD 6.50% - 21 April 2023 - Secured Notes
AUD BBSW+4.50% - 21 April 2021 - Secured Notes
AUD BBSW+4.25% - 21 April 2023 - Secured Notes

Centurylink

USD 7.6% - 15 September 2039 - Senior Unsecured Notes
USD 5.625% - 1 April 2025 - Senior Unsecured Notes
USD 7.6% - 15 September 2039 - Senior Unsecured Notes

CF Asia Pacific

AUD 8.35% - 30 November 2020 - Subordinated Notes

CIMIC Finance

USD 5.95% - 13 November 2022 - Senior Unsecured Notes

Civic Nexus

Tracker status Updated on 30 July 2020

Australian PPPs receive payments based on the availability of the facilities rather than usage. As such, while current social distancing restrictions will have a large negative impact on the number of people using these facilities, and some facilities may be effectively closed, the projects themselves have very strong contractual protections ensuring cashflows continue to be received. Impacts on these projects are limited.

Factsheets

AUD CPI Linked - 15 September 2032 - Senior Secured Indexed Annuity Bond

CML Group

Tracker status Updated on 30 July 2020

On 7 July 2020, CML Group provided a business update, indicating the group expects FY20 EBITDA of about AUD20m and net profit after tax of about AUD7.5m. These guidance were supported by strong business activity during June, with volumes up 14% compared to May 2020 and strong cost control which should deliver savings of about AUD2.5m on an annualised basis.

CML Group also provided a funding update, confirming it has about AUD100m headroom across its various financing facilities and is exploring new sources of capital. The company indicated its desire to refinance some legacy funding arrangements to lower interest costs, including a target to complete the repayment of its AUD25m floating rate notes during the first quarter of FY21. In the absence of a formal call notice, we will continue to monitor developments.

Factsheets

AUD BBSW+5.40% - 18 May 2021 - Senior Secured Notes

Coles group

AUD 2.65% - November 2029 - Senior Unsecured Notes

Conquest

2019-2 Class C Notes
2019-2 Class D Notes

David Jones

Tracker status Updated on 30 July 2020

We expect David Jones’ earnings to remain soft in the near term. Australian bushfires in conjunction with forced store closures will constrain the Company’s near term liquidity (~AUD225m in cash at 1H20). Further, higher unemployment and low wage growth should further curtail household expenditure on largely discretionary items sold by David Jones and Country Road.

Factsheets

AUD BBSW+3.75% - November 2025 - Senior Secured Notes

DBCT

AUD BBSW+0.37% - 9 June 2026 - Senior Secured Notes
AUD BBSW+0.30% - 9 June 2021 - Senior Secured Notes

DBNGP

AUD 6.00% - 11 October 2019 - Senior Secured Notes

Dean Foods

USD 6.50% - 15 March 2023 - Senior Unsecured Notes

Dell International

USD 8.10% - 15 July 2036 - Senior Secured Bond
USD 6.02% - 15 June 2026 - Senior Secured Bond

Dexus Finance

Tracker status Updated on 30 July 2020

Well capitalised with long weighted average lease expiry (WALE). Occupancy rates for industrial and office assets in excess of 95% in key locations. Further, CBD assets (offices) are located in areas with limited office supply available. Strong tenant base with large multinationals, government authorities and ASX listed companies (such as CBA, NBNCo and Google) reduces risk of rental arrears. Liquidity remains sound with a mixture of cash on balance sheet and bank facilities. In relation to GPT and Dexus, weighted average debt maturity is in excess of seven years.

Factsheets

AUD 2.50% - 17 October 2029 - Senior Unsecured Notes
AUD 3.00% - February 2032 - Senior Unsecured Notes

Diamond Sports

USD 6.625% - August 2027 - Senior Unsecured Notes
USD 5.375% - August 2026 - 1st Lien Notes

Dicker Data

AUD BBSW+4.40% - 26 March 2020 - Senior Unsecured Notes

Downer Group

Tracker status Updated on 30 July 2020

The company is focussed on three core divisions; mining, infrastructure and rail, none of which have suffered material negative impacts from COVID-19 to date. In mid-July 2020, the company raised about AUD400m of equity to shore up its balance sheet, which will leave Downer with about AUD2bn of available liquidity and a gearing ratio under 30%.

Factsheets

AUD 3.70% - April 2026 - Senior Unsecured Notes

Ei Group

GBP 6.875% - 9 May 2025 - Senior Secured Notes

Elanor

Tracker status Updated on 30 July 2020

Adequate liquidity with exposure via its Retail and Hotel, Leisure and Tourism business. Generates stable source of recurring revenue from funds management. The company recently issued a trading update in relation to its Commercial, Healthcare, Retail, Accommodation and Wildlife funds.

Factsheets

AUD 7.10% - 17 Oct 2022 - Unsecured Notes

Emeco

USD 9.25% - 31 March 2022 - Senior Secured Notes

Emirates NBD PJSC

Tracker status Updated on 30 July 2020

Limited near-term liquidity needs, is well-funded, with customer deposits providing ~75% of total funding needs. Term-debt is well-staggered, with near-term maturing liabilities well-covered by liquid assets. The soft economic outlook will see credit costs rise, but strong margins and profitability overall should compensate this. The United Arab Emirates also has a strong track record or supporting banks in times of stress (for example, during the financial crisis, the Ministry of Finance injected ~USD14bn of funding support directly into the country’s local banks) (ENBD is majority owned by Investment Corporation of Dubai, a company in which the Government of Dubai is the majority shareholder).

Factsheets

AUD 4.75% - February 2028 - Senior Unsecured Notes

EQM Midstream Partners

USD 5.50% - July 2028 - Senior Unsecured Notes
USD 4.00% - August 2024 - Senior Unsecured Notes

Eric Insurance

AUD 10.0% - August 2026 - Subordinated Tier 2 Capital Notes

IAG

Tracker status Updated on 30 July 2020

Australian general insurers are unlikely to see a significant increase in claims as a result of COVID-19. The majority of their operations are centred on property and casualty insurance. Households are likely to look at options around reducing non-essential insurance------this is more likely to impact health insurers. Investment income, which is generated to support claims, is likely to come under some pressure, although insurance income should be stronger this half. Capital is a strength for the sector.

Factsheets

AUD BBSW+2.35% - 15 June 2045 - Subordinated Tier 2 Notes
AUD BBSW+2.10% - 15 June 2044 - Subordinated Tier 2 Notes

IAMGOLD

USD 7.00% - 15 April 2025 - Senior Unsecured Notes

IMB Bank

AUD BBSW+3.00% - 2026 May 2027 - Subordinated Tier 2 Notes

IMF Bentham

AUD 7.40% - June 2020 - Secured Notes

Impact Group

AUD 8.50% - 12 February 2021 - Senior Secured Amortising Notes

JC Penney

USD 8.625% - 15 March 2025 - 2nd Lien Notes
USD 5.875% - 1 July 2023 - 1st Lien Notes

JEM (CCV)

Tracker status Updated on 30 July 2020

Australian PPPs receive payments based on the availability of the facilities rather than usage. As such, while current social distancing restrictions will have a large negative impact on the number of people using these facilities, and some facilities may be effectively closed, the projects themselves have very strong contractual protections ensuring cashflows continue to be received. Impacts on these projects are limited.

Factsheets

AUD 0% - 15 June 2022 - Senior Secured Notes

JEM (Southbank)

Tracker status Updated on 30 July 2020

Australian PPPs receive payments based on the availability of the facilities rather than usage. As such, while current social distancing restrictions will have a large negative impact on the number of people using these facilities, and some facilities may be effectively closed, the projects themselves have very strong contractual protections ensuring cashflows continue to be received. Impacts on these projects are limited.

Factsheets

AUD CPI Linked - 28 June 2035 - Senior Secured Indexed Annuity Bond

JEM NSW Schools

Tracker status Updated on 30 July 2020

Australian PPPs receive payments based on the availability of the facilities rather than usage. As such, while current social distancing restrictions will have a large negative impact on the number of people using these facilities, and some facilities may be effectively closed, the projects themselves have very strong contractual protections ensuring cashflows continue to be received. Impacts on these projects are limited.

Factsheets

AUD 3.13% - November 2035 - Senior Secured Inflation-linked Notes
AUD 3.13% - April 2031 - Senior Secured Inflation-linked Notes
AUD 3.13% - November 2035 - Senior Secured Inflation-linked Notes

Mallinckrodt

USD 5.625% - 15 Octpber 2023 - Senior Unsecured Notes
USD 5.75% - 1 August 2022 - Senior Unsecured Notes
USD 4.875% - 15 April 2020 - Senior Unsecured Notes

Maurice Blackburn

AUD 7.45% - 31 August 2022 - Unsecured Notes

Macquarie Bank

AUD BBSW+2.90% - May 2030 - Subordinated Tier 2 Notes
USD 6.125% Perpetual - Unsecured Perpetual Tier 1 Notes

Mercer

USD 7.375% - 15 January 2025 - Senior Unsecured Notes
USD 5.50% - January 2026 - Senior Unsecured Notes

Merredin Energy

AUD 7.50% - 15 November 2022 - Senior Secured Notes

Metro 2018-1

AUD BBSW+5.50% - May 2026 - Asset Backed Security

Mineral Resources

USD 8.125% - 1 May 2027 - Senior Unsecured Notes

Moneytech

AUD BBSW+4.65% - April 2022 - Subordinated Notes

MPC Funding

Tracker status Updated on 30 July 2020

Australian PPPs receive payments based on the availability of the facilities rather than usage. As such, while current social distancing restrictions will have a large negative impact on the number of people using these facilities, and some facilities may be effectively closed, the projects themselves have very strong contractual protections ensuring cashflows continue to be received. Impacts on these projects are limited.

Factsheets

AUD 4.92% - 31 December 2033 - Senior Secured Indexed Annuity Bond
AUD 4.59% - 31 December 2025 - Senior Secured Indexed Annuity Bond

MyState Limited

AUD BBSW+4.35% - July 2030 - Unsecured Subordinated Tier 2 Notes

National Australia Bank

Tracker status Updated on 30 July 2020

The underlying performance for the major banks was solid for the first six months of fiscal 2020 (1H20). Operating income was broadly stable half-on-half as largely flat net interest margins were met with soft, yet still positive, volume growth. Performance will soften in the near-term as mortgage and other loan deferrals take effect, although government support to date appears to be filling the gap left by a loss of income. Provisions (collective for the most part) increased sharply. The major banks provided base case and downside economic scenarios (year-end estimates for unemployment, output and house prices) and the impact of those scenarios and estimates on their respective regulatory capital ratios (a measure of their solvency). On this basis, we believe the major banks would have sufficient levels of capital to absorb a further increase in provisions as envisaged in modelled downside scenarios.

Factsheets

AUD 5.00% - 19 January 2032 - Tier 2 Notes
AUD 4.00% - 21 September 2026 - Subordinated Tier 2 Notes
AUD BBSW+2.40% - 21 September 2026 - Subordinated Tier 2 Notes
AUD BBSW+2.15% - May 2029 - Subordinated Tier 2 Notes
AUD BBSW+2.02% - November 2031 - Subordinated Tier 2 Notes
AUD 3.225% - November 2031 - Subordinated Tier 2 Notes

NCIG

USD 4.40% - 29 September 2027 - Senior Secured Notes
USD 12.50% - 26 August 2031 - Senior Unsecured Notes

Newcrest

USD 5.75% - 15 November 2041 - Senior Unsecured Notes
USD 4.45% - 15 November 2021 - Senior Unsecured Notes
USD 4.20% - 1 October 2022 - Senior Unsecured Notes

Next Generation

AUD 7.90% - 22 June 2023 - Secured Amortising Notes
AUD 7.90% - 22 June 2023 - Secured Notes

NEXTDC

AUD 6.25% - June 2021 - Senior Secured Notes
AUD 6.00% - June 2022 - Senior Secured Notes
AUD BBSW+3.75% - June 2022

Novacare Solutions

Tracker status Updated on 30 July 2020

While hospitals could face some operational impacts associated with ensuring safety (additional cleaning, increased staffed hours etc) given the current pandemic, there are strong contractual protections in place for these projects. It is likely that any increase in requirements would be treated as a contract variation and matched with revenue increases to match the higher costs.

Factsheets

AUD CPI+3.26% - April 2033

Nufarm

USD 5.75% - 30 April 2026 - Senior Unsecured Notes

Pacific National

AUD BBSW+2.60% - May 2027 - Senior Unsecured Notes
AUD 5.25% - May 2025 - Senior Unsecured Notes
AUD 5.40% - May 2027 - Senior Unsecured Notes
AUD 3.70% - September 2029 - Senior Unsecured Notes

Peabody Energy Corporation

USD 6.375% - 31 March 2025 - 1st Lien Notes
USD 6.00% - 31 March 2022 - 1st Lien Notes

Peet

AUD 6.75% - 7 June 2024

Pepper

PRS 21 Class E Notes
PRS 23 Class D Notes

Pioneer Credit  

AUD BBSW+5.25% - 22 March 2022 - Subordinated Secured Note

Plenary Justice

Tracker status Updated on 30 July 2020

Australian PPPs receive payments based on the availability of the facilities rather than usage. As such, while current social distancing restrictions will have a large negative impact on the number of people using these facilities, and some facilities may be effectively closed, the projects themselves have very strong contractual protections ensuring cashflows continue to be received. Impacts on these projects are limited.

Factsheets

AUD 3.67% - 15 June 2030 - Senior Secured Notes

Plenary Bond

AUD 6.50% - 17 May 2024 - Secured Subordinated Notes

Plenary Health (Casey)

Tracker status Updated on 30 July 2020

While hospitals could face some operational impacts associated with ensuring safety (additional cleaning, increased staffed hours etc) given the current pandemic, there are strong contractual protections in place for these projects. It is likely that any increase in requirements would be treated as a contract variation and matched with revenue increases to match the higher costs.

Factsheets

AUD 0% - 15 September 2029 - Senior Secured Inflation-Linked Bond

Plenary Justice (SA)

AUD 3.67% - 15 June 2030 - Senior Secured Notes

Praeco

Tracker status Updated on 30 July 2020

Australian PPPs receive payments based on the availability of the facilities rather than usage. As such, while current social distancing restrictions will have a large negative impact on the number of people using these facilities, and some facilities may be effectively closed, the projects themselves have very strong contractual protections ensuring cashflows continue to be received. Impacts on these projects are limited.

Factsheets

AUD 7.13% - 28 July 2020 - Senior Secured Notes

Privium

AUD 8.50% - 12 February 2021 - Senior Secured Amortising Notes

QBE Insurance

Tracker status Updated on 30 July 2020

Australian general insurers are unlikely to see a significant increase in claims as a result of COVID-19. The majority of their operations are centred on property and casualty insurance. Households are likely to look at options around reducing non-essential insurance------this is more likely to impact health insurers. Investment income, which is generated to support claims, is likely to come under some pressure, although insurance income should be stronger this half. Capital is a strength for the sector.

Factsheets

USD 5.875% - June 2046 - Subordinated Tier 2 Notes

Qantas

AUD 7.75% - 19 May 2022 - Senior Unsecured Notes
AUD 7.50% - 11 June 2021 - Senior Unsecured Notes
AUD 6.50% - 26 April 2020 - Senior Unsecured Notes
AUD 4.75% - 12 October 2026 - Senior Unsecured Notes
AUD 4.40% - 10 Oct 2023 - Senior Unsecured Notes
AUD 4.40% - October 2023 - Senior Unsecured Notes
AUD 2.95% - November 2029 - Senior Unsecured Notes

QMS Media

AUD 7.00% - 2021 November 2022 - Senior Unsecured Notes

QNB Finance

AUD 4.90% - 1 February 2028 - Senior Secured Notes

QPH Finance

AUD 2.30% - July 2027 - Secured Notes
AUD 2.85% - January 2031 - Secured Notes

Rackspace

USD 8.625% - 15 November 2024 - Senior Unsecured Notes

Resimac

Premier 2018-1 Class D Notes
2018-2 Class C Notes
2018-2 Class D Notes
2017-1NC Class E Notes
2017-1NC Class D Notes

Rockpoint Gas Storage

USD 7.00% - 31 March 2023 - 1st Lien Notes

Royal Women's Hospital (RWH) Finance

Tracker status Updated on 30 July 2020

While hospitals could face some operational impacts associated with ensuring safety (additional cleaning, increased staffed hours etc) given the current pandemic, there are strong contractual protections in place for these projects. It is likely that any increase in requirements would be treated as a contract variation and matched with revenue increases to match the higher costs.

Factsheets

AUD CPI Linked - 30 June 2033 - Senior Secured Indexed Annuity Bond

SEEK Limited

AUD BBSW+3.70% - June 2026 - Subordinated and Unsecured Notes

SCT Logistics

AUD BBSW+4.70% - Senior Unsecured Notes
AUD 6.50% - Jun 2024 - Senior Unsecured Notes

SMHL

2019-1 Class D Notes

Sprint Corporation

USD 7.875% - 9 September 2023 - Senior Unsecured Notes
USD 7.625% - 15 February 2025 - Senior Unsecured Notes

StockCo

AUD 8.75% - October 2022 - Unsecured Notes

Stockland Trust

Tracker status Updated on 30 July 2020

Well capitalised with long weighted average lease expiry (WALE). Occupancy rates for industrial and office assets in excess of 95% in key locations. Further, CBD assets (offices) are located in areas with limited office supply available. Strong tenant base with large multinationals, government authorities and ASX listed companies (such as CBA, NBNCo and Google) reduces risk of rental arrears. Liquidity remains sound with a mixture of cash on balance sheet and bank facilities. In relation to GPT and Dexus, weighted average debt maturity is in excess of seven years.

Factsheets

AUD 8.25% - 25 November 2020 - Senior Unsecured Notes
AUD 4.50% - 23 November 2022 - Senior Unsecured Notes

Summit Midstream Partners

USD 5.75% - April 2025 - Senior Unsecured Notes
USD 5.50% - August 2022 - Senior Unsecured Notes

Suncorp Group

Tracker status Updated on 30 July 2020

Suncorp and Bendigo have recently updated their collective provisions to reflect the impact of COVID-19. Suncorp increased its collective provision to 1.15% of credit risk-weighted assets (from 0.68% in the prior quarter) and Bendigo’s collective provision was increased to 1.06% (from 0.67%). Both remain at the lower-end of major bank comparisons, although this is likely to reflect the relatively higher concentration to residential mortgages (less tail risk). Economic scenarios modelled were comparable to those provided by the major banks.

Factsheets

AUD BBSW+2.15% - 5 December 2028 - Subordinated Tier 2 Notes

Sunland Capital

AUD 7.55% - November 2020 - Senior Unsecured Notes

Sydney Airport

USD 3.625% - 28 April 2026 - Senior Secured Notes
AUD 3.76% - 20 November 2020 - Senior Secured Notes
AUD 3.12% - 20 November 2030 - Senior Secured Notes

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Western Digital

USD 4.75% - 15 February 2026 - Senior Unsecured Notes

Westpac Banking Corp

Tracker status Updated on 30 July 2020

The underlying performance for the major banks was solid for the first six months of fiscal 2020 (1H20). Operating income was broadly stable half-on-half as largely flat net interest margins were met with soft, yet still positive, volume growth. Performance will soften in the near-term as mortgage and other loan deferrals take effect, although government support to date appears to be filling the gap left by a loss of income. Provisions (collective for the most part) increased sharply. The major banks provided base case and downside economic scenarios (year-end estimates for unemployment, output and house prices) and the impact of those scenarios and estimates on their respective regulatory capital ratios (a measure of their solvency). On this basis, we believe the major banks would have sufficient levels of capital to absorb a further increase in provisions as envisaged in modelled downside scenarios.

Factsheets

AUD 3M BBSW + 1.98%
USD 4.322% - 23 November 2031 - Subordinated Tier 2
AUD 4.80% - 14 June 2028 - Subordinated Tier 2 Notes
AUD BBSW+3.10% - 10 March 2026 - Subordinated Tier 2 Notes
AUD BBSW+2.05% - 14 March 2024 - Subordinated Tier 2 Notes
USD 4.110% - 24 July 2034 - Subordinated Tier 2 Notes
USD 4.421% - July 2039 - Unsecured Subordinated Tier 2 Notes

Workpac

AUD BBSY+5.20% - June 2022 - Asset backed security

There are no results under "X"

There are no results under "Y"

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