FIIG - The Fixed Income Experts

FIIG Credit Research

Exclusive news and research content for FIIG clients.

  • NEXTDC - Updated Recommendations

    Jul 12, 2019
    We provide updated recommendations on NEXTDC Limited's (NEXTDC, Company) fixed and floating rate notes. These changes are driven by movements in prices of the various notes, rather than as a result of changes to our view of the Company's creditworthiness.
    Full story
  • Mackay Sugar Update

    Jul 08, 2019
    Following completion of the sale of the Mossman mill, Mackay Sugar has scheduled the shareholders vote to 29 July 2019 which, if approved, will be the final step in the proposed recapitalisation of the company by Nordzucker. If this was to occur, we expect the notes to be redeemed no later than 30 August 2019.
    Full story
  • Plenary Update July 2019

    Jul 05, 2019
    We have downgraded our recommendation on Plenary Bond Co 6.50% notes due 2024 (Notes) due to recent price action and further yield compression. We believe the Notes now offer limited value compared to peers. Our credit outlook on the Notes remains Stable.
    Full story
  • Merredin Energy Update July 2019

    Jul 03, 2019
    Given the recent price action, and further yield compression due to the relative proximity of the next call date and current trading price well above the call price, we have downgraded our recommendation on Merredin Energy's 7.50% notes due 2022 (Notes). Our credit outlook on the Notes remains Stable.
    Full story
  • Axsesstoday – Update on administration and sale process

    Jul 02, 2019
    Deloitte, the voluntary administrator of Axsesstoday, provided an update on the current sale process. Deloitte has advised that they have entered into an exclusivity arrangement with an affiliate of Cerberus Capital Management, L.P. (Cerberus) to finalise terms on which Cerberus proposes to acquire all of the assets of AXL by way of a deed of company arrangement.
    Full story
  • DirectBond Filter List July Update

    Jul 01, 2019
    The July 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.
    Full story
  • Lucas TCS Update June 2019

    Jun 26, 2019
    We provide an update to noteholders on the progression of ongoing discussions with Lucas following our credit update dated 24 May 2019. Our recommendation on Lucas’ notes due 2022 remains unchanged.
    Full story
  • FIIG Research Recommendation Update - June 2019

    Jun 21, 2019
    Following the publication of our Credit Outlook on 29 January 2019, we are providing this summary of new and changed recommendations over the past five months, as well as the list of all our current recommendations as of the date of this update.
    Full story
  • Eric Insurance – Updated recommendation

    Jun 21, 2019
    Following the announcement that Eric Insurance had finalised an agreement with ASIC in relation to its remediation program, we believe that the near term prospects for the Company have improved and no longer considered speculative. While we are of the view that Eric, and the insurance sector more generally are facing some headwinds, we believe the notes, at an indicative mid-price of AUD77.50, offer good relative value, with real prospects of capital appreciation over the near-to-medium term.
    Full story
  • Eric Insurance – ASIC Update

    Jun 19, 2019
    On 18 June 2019, Eric Insurance announced that it had agreed with ASIC the terms of the remediation program, with total remediation costs expected to reach AUD3.4m. The finalisation of the terms of remediation removes a significant uncertainty for Eric in our opinion. Pending discussions with the Company, we are placing our recommendation Under Review, noting the likelihood that the previous Speculative recommendation will be revised.
    Full story
  • Tier 2 Financials Update

    Jun 17, 2019
    We update our recommendations on a number of Tier 2 issuances by Australian banks and insurance companies.
    Full story
  • Australian Housing Market Update

    Jun 17, 2019
    In this report, we look at the Australian housing market and how recent events as well as announcements by the RBA and APRA may affect the sector over the near term.
    Full story
  • Next Generation Clubs Australia Update

    Jun 14, 2019
    We reiterate our recommendation on Next Gen's 7.90% notes due 2023, with a Stable credit outlook. The Group reported 1Q19 revenue of AUD9.6m and EBITDA of AUD2.5m, which were softer than 1Q18. Membership income from Perth South has led to lower forecasted EBITDA for FY2019, and leverage is forecasted to remain temporarily elevated. The Doncaster project is expected to be completed within the next 12 – 14 months, within management’s guidance
    Full story
  • Axsesstoday – Update on administration and sale process

    Jun 07, 2019
    Deloitte, the voluntary administrator of Axsesstoday, provided an update on the current sale process. Indicative offers have been received in late May from parties interested to buy part or all of the company. It is expected that binding offers will be submitted in early July.
    Full story
  • Rockpoint 4Q19 Results June 2019

    Jun 07, 2019
    On 31 May 2019, independent gas storage operator, Rockpoint Gas Storage, released its fourth quarter and full year 2019 (ending 31 March 2019) results. Overall, the results were very solid, with total realised revenues of USD176.49m for FY19 comparing favourably with USD137.63m in FY18. Adjusted EBITDA improved to USD112.1m, up USD34m from USD78.1m in FY18.
    Full story
  • SCT Logistics New Issue Report

    Jun 07, 2019
    SCT Logistics New Issue Report.
    Full story
  • Rackspace Hosting, Inc. announces 1Q19 results

    Jun 04, 2019
    On 30 May 2019, Rackspace Hosting, Inc. reported 1Q19 results for the quarter ended 31 March 2019. Although the Company reported a net loss of USD56.9m, EBITDA has begun to normalise following on from the Datapipe acquisition. Further, the Company recorded its third consecutive quarter of free cash flow growth.
    Full story
  • DirectBond Filter List June Update

    Jun 03, 2019
    The June 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.
    Full story
  • Talen Energy: Company Update

    May 29, 2019
    We provide an update to holders following the issue of USD750m of senior secured debt which was used to fund the cash tender of a number of tranches of Talen’s unsecured debt.
    Full story
  • CF Asia Pacific FY18 and 1Q19 Update May 2019

    May 24, 2019
    Over FY18, CFAP’s results were negatively impacted by drought in most of the agricultural regions in Eastern Australia (see further below). As a result, operating revenues were down 8.8% on the prior period, falling from AUD64.6m in FY17 to AUD58.9m in F18. EBITDA for FY18 was AUD33.7m, down 11.6% from FY17. Notwithstanding the negative impact of lower locomotive demand, CFAP’s revenue diversification strategy was beneficial in supporting the group while the leasing business has been affected due to the drought. We maintain our recommendation on CFAP’s 8.35% notes due 2020.
    Full story

Copyright © 2019 FIIG Securities Limited | ABN 68 085 661 632 | AFSL No 224659 | Financial Services GuideSitemap | About us
FIIG provides general financial product advice only.  For a copy of our disclaimer please refer to fiig.com.au/disclaimer
* Based on FIIG’s high yield sample portfolio. Click here to view. Subject to change and before fees. Please see our FSG for any applicable fees.