FIIG Credit Research

Exclusive news and research content for FIIG clients.

  • Virgin Australia VA Update

    Jun 04, 2020
    On 2 June 2020, Deloitte, as administrator for Virgin Australia Holdings Limited (VAH), announced that it has shortlisted two parties in the current sale process that was initiated in late April (upon VAH entering voluntary administration). These two parties are Bain Capital and Cyrus Capital Partners. Given the very high profile nature of this process, there is significant media scrutiny and ongoing reporting, yet there remains limited reliable information available. As such, while we can only speculate on a number of matters being considered, we provide noteholders an update on where things stand.
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  • DirectBond Filter List

    Jun 04, 2020
    The June 2020 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • Lucas 3Q20 Update

    Jun 04, 2020
    Lucas TCS recently provided its quarterly investor update for the period ended 31 March 2020. The Company reported third quarter results that were below expectations and the forecasts provided as part of the circulating resolution in October last year. We provide an update to noteholders.
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  • Lucas Operational Update

    May 05, 2020
    Given the current situation and uncertainty around COVID-19, Lucas TCS provided an operational update further to the most recent update provided back in March.
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  • Peabody 1Q20 Results

    May 05, 2020
    On 29 April 2020, Peabody announced its results for the quarter ended 31 March 2020. Overall, the results were weak, 1Q20 revenues were USD846m, down from USD1.25bn in the prior corresponding period (pcp) reflecting the impact of lower volumes and challenged U.S. industry conditions, in conjunction with lower commodity prices, especially toward the end of the period. Peabody reported Adjusted EBITDA of USD36.8m, down approximately 85% from USD254.1m in the pcp.
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  • Oil Prices & Oasis Petroleum - 23 April 2020

    Apr 28, 2020
    Since the middle of March, we have seen an unprecedented fall in oil prices. While the oil industry has lived through many booms and busts, never before have prices collapsed as they have this past week. The rapid and abrupt decline in demand resulting from the broad global shutdown of economic activity will create stress conditions for the world oil market, which is expected to peak in the second or third quarter of 2020. In this report we assess the impact of this oil price collapse on oil production companies and specifically Oasis Petroleum.
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  • SCT Logistics update - 23 April 2020

    Apr 28, 2020
    SCT Logistics recently provided its first half results for the period ended 31 December 2019 (1H20). 1H20 earnings were materially impacted by disruptions and cancellations resulting from events including bushfires, floods and derailments from other carriers over the period.
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  • COVID-19: Airports and Airlines

    Apr 06, 2020
    We take a look at the impacts of COVID-19 and the resulting travel restrictions on airlines and airports globally
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  • Banking on a slowdown

    Apr 02, 2020
    In this note, we take a look at the health of the Australian banking sector and how it is positioned to absorb the invariable rise in credit costs as businesses shutter and unemployment rises.
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  • Lucas TCS - March update

    Mar 31, 2020
    Given the current situation and uncertainly around COVID-19, Lucas Total Contract Solutions (Lucas, Company) recently provided an operational update for the months of January and February.
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  • WA Stockwell Update - 18 March 2020

    Mar 25, 2020
    We provide an update following 1H20 results and settlement of Noosa Civic Shopping Centre
    Full story
  • Next Generation Update - 24 March 2020

    Mar 25, 2020
    We provide an update following government mandated shutdown of non-essential services.
    Full story
  • Sunland Group Update - 24 March 2020

    Mar 25, 2020
    We provide an update following recent results from Sunland.
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  • The RBA goes unconventional

    Mar 20, 2020
    We look at the RBA’s latest series of decisions and implications.
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  • Virgin Australia S&P Downgrade March 2020

    Mar 17, 2020
    On 16 March 2020, S&P Global Ratings (S&P) downgraded its corporate rating on Virgin Australia Holdings Ltd (VAH, Company) by two notches. At the same time S&P downgraded its rating on the Company's senior unsecured notes and affirmed the recovery rating on the notes. S&P placed VAH’s ratings on CreditWatch Negative. The rating action, which in and of itself wasn’t a surprise, is reflective of a view that the Covid-19 fuelled rapid deterioration in the international airline market has spread through to the Australian domestic market.
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  • Pioneer Credit – 1H20 Results and Sale Update

    Mar 06, 2020
    On 28 February 2020, Pioneer Credit Ltd. released its financial results for the six months ended 31 December 2019 which were impacted by funding constraints that were placed on the Company during the period.
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  • IMF Bentham – 1H20 Results

    Mar 06, 2020
    IMF’s 1H20 results provided very few surprises, underpinned by a number of case wins, with gross proceeds from litigation cases of AUD143m. We also note that as of 5 March, 2020, IMF officially changed its name to Omni Bridgeway Limited.
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  • Zip Co - 1H20 Results

    Mar 06, 2020
    On 27 February 2020, Zip Co Ltd released results for the first six months ended 31 December 2019. Momentum remains strong, with asset quality also remaining sound.
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  • CML - 1H20 Results

    Mar 06, 2020
    On 28 February 2020, CML Group Limited (CML) released results for the first six months ended 31 December 2019. Overall performance was sound and largely in line with expectations.
    Full story
  • NEXTDC - 1H20 Results

    Mar 03, 2020
    We provide an update following NextDC’s 1H20 results.
    Full story

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