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FIIG Credit Research

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  • CF Asia Pacific - Upgraded recommendations

    Jan 17, 2019
    We have upgraded our recommendation on CF Asia Pacific's 8.35% Notes due 2020 due to recent price movement.
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  • 2019 Credit Outlook: Infrastructure

    Jan 16, 2019
    Given our overall macro view that 2019 is likely to see increased volatility and a rising probability of a severe correction, this Infrastrucutre sector will likely demonstrate much greater stability given the predictability of its cash flows, as well as its essentiality. This supports our Overweight outlook on the sector for the next 12 months.
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  • 2019 Credit Outlook: Financials

    Jan 15, 2019
    The underlying credit fundamentals for financials are expected to remain sound in 2019, despite pressure on earnings for both commercial banks and general insurance providers.
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  • Adani Abbot Point Terminal – Updated recommendations

    Jan 11, 2019
    Adani Abbot Point Terminal is performing slightly ahead of expectations, with current throughput about 10% ahead of prior year. We have revised our recommendation on the 2020 AUD notes to Underperform, due to yield compression as the next call date rapidly approaches. Although the current yield to worst of close to 4% may continue to be attractive to some investors, we believe there is better value in other names in the infrastructure sector. We are maintaining our Outperform recommendation on the 2022 USD notes.
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  • 2019 Credit Outlook: Property

    Jan 10, 2019
    Many residential property indicators are around the worst levels in years. The current environment is clearly weak and the housing market is likely to remain soft for some time.
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  • 2019 Credit Outlook: Industrials

    Jan 09, 2019
    Australian macro-economic conditions remain soft and are deteriorating based upon some measures, however, they are generally supportive of corporate and industrial credits.
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  • Australian PPP Projects - Recommendation Initiation

    Dec 14, 2018
    We initiate recommendations on a range of notes supporting Australian PPP projects.
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  • Mallinckrodt Plc spin off - December 2018

    Dec 12, 2018
    Mallinckrodt Plc (MNK) has announced it will spin off its speciality generics business to shareholders in 2019. The company previously announced its intention to divest the generics business and has been reporting it as discontinued operations. The separation will be completed through a pro-rata distribution of common stock to shareholders.
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  • 2019 Credit Outlook: Macro

    Dec 11, 2018
    Despite strong economic growth during the year, 2018 proved to be a year of growing uncertainties leaving the outlook for the year ahead highly uncertain.
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  • Talen Energy Moody's downgrade - Dec 2018

    Dec 10, 2018
    On 4 December 2018, Moody’s Investors Service downgraded to B3 the debt ratings on the senior unsecured guaranteed bonds of Talen Energy Supply LLC
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  • Ansett Aviation Training FY18 update - November 2018

    Dec 05, 2018
    We revise our credit outlook on AAT and reiterate our recommendation on its 7.50% notes due 2020
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  • Updates to the DirectBond Filter Lists - November 2018

    Dec 04, 2018
    Updates to the DirectBond Filter Lists - November 2018
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  • New DirectBond Filter Lists - November 2018

    Dec 04, 2018
    The DirectBond filter lists have been updated for November 2018
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  • Rackspace Moody's downgrade

    Nov 30, 2018
    Moody’s stated that the downgrade reflects Rackspace's weak revenue and margin trends, intense competitive pressure and Moody's expectation that leverage will decline but remain above 4.5x for the next two years. The outlook remains negative.
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  • Axsesstoday update - November 2018

    Nov 30, 2018
    On 29 November 2018, Axsesstoday provided a progress update to the ASX. It also issued a revised version of its financial statements for the year ended Jun 30, 2018 (FY18)
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  • Research report - Maurice Blackburn - November 2018

    Nov 26, 2018
    We initiate a recommendation on Maurice Blackburn’s 7.45% subordinated notes due August 2022 of Market Perform. Our credit outlook is Stable.
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  • SCT Logistics – FY18 Results

    Nov 21, 2018
    We believe that SCT Logistics’ 2019 floating rate notes offer investors good relative value. The SCT fixed notes maturing 2021 offer investors fair relative value.
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  • Merredin Energy Retail Report - November 2018

    Nov 20, 2018
    We believe Merredin Energy's AUD senior secured notes maturing in November 2022 with a fixed coupon of 7.50% (the Notes) offer better relative value when compared to peers at 6.91% yield to worst (YTW) and an indicative mid-price of 102.25.
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  • Rackspace 3Q18 - November 2018

    Nov 20, 2018
    Rackspace Hostings reported its 3Q18 results on 14 November 2018, with stable earnings compared to the prior quarter and improvement in free cash flow. Our independent credit provider, CreditSights, has maintained its current recommendation.
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  • Lendlease Update

    Nov 09, 2018
    Lendlease released an announcement relating to a provision for its Engineering and Services Business, leading to the company cancelling its AUD500m bond issues.
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