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FIIG Credit Research

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  • Sydney Airport - October 2019

    Oct 17, 2019
    We provide an update to our recommendations on Sydney Airport’s CPI+3.76% notes due 2020 and CPI+3.12% notes due 2030. Our credit outlook remains unchanged
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  • Merredin Energy Ltd - October 2019

    Oct 16, 2019
    We are upgrading our recommendation on Merredin Energy’s 7.50% notes due 2020 as the company has chosen not to exercise its November 2019 call option. Our credit outlook remains unchanged
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  • Zenith Energy Update - October 2019

    Oct 14, 2019
    We have downgraded our recommendation on Zenith Energy's 7.55% notes due 2025 (Notes) due to recent significant price appreciation and corresponding yield compression.
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  • Maurice Blackburn Retail Report - October 2019

    Oct 04, 2019
    Maurice Blackburn Pty Ltd (MB, Company) is one of Australia’s leading consumer law firms with 100 years of history.
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  • DirectBond filter list - October 2019

    Oct 02, 2019
    The October 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • Nufarm FY19 Results

    Sep 30, 2019
    On 30 September 2019, Australian crop protection and seed technologies company Nufarm Ltd (Nufarm, Company) reported its FY19 results for the period ending 31 July 2019.
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  • Armour Energy – Capital Raising

    Sep 27, 2019
    Armour Energy update September 2019.
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  • Eric Insurance FY19 Results

    Sep 25, 2019
    Eric Insurance recently reported its FY19 results. Despite continued positive trends, we retained our negative credit outlook given headwinds in the sector.
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  • Zenith Energy Retail Seasoning - September 2019

    Sep 24, 2019
    We reiterate our recommendation on Zenith Energy’s 7.55% notes due 2025 as we make this issue available to Retail investors. The credit outlook is Stable.
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  • Australian QE

    Sep 18, 2019
    In this report, we review the current monetary policies and tools available to the Reserve Bank of Australia and how they may impact investors and the broader financial markets.
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  • Maurice Blackburn FY19 Results

    Sep 17, 2019
    Maurice Blackburn reported stronger FY19 results on the back of increased revenue from its Class Actions operating segment.
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  • Lucas TCS - Update

    Sep 13, 2019
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  • Sunland FY19 Results

    Sep 13, 2019
    Sunland reported softer FY19 results on the back of headwinds in the property market and a subdued residential housing market.
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  • CML announces Classic Funding Acquisition

    Sep 11, 2019
    On 10 September 2019, CML announced it had agreed to acquire Classic Funding Group, an Australian, privately owned company with over 25 years’ experience in providing equipment finance and invoice discounting.
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  • Mallinckrodt

    Sep 09, 2019
    On 5 September 2019, Bloomberg reported that Mallinckrodt PLC (Mallinckrodt, Company) has hired restructuring advisers. The hiring comes as Mallinckrodt looks to navigate near-term maturity and financial uncertainty from opioid litigation. The Company is currently exploring all strategic options, including filing for Chapter 11 bankruptcy protection.
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  • CFAP 1H19 Results

    Sep 05, 2019
    On 5 September 2019, CF Asia Pacific Group Pty Ltd (CFAP, Company) released its quarterly results for the period ending 30 June 2019.
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  • DirectBond List 2019 updates

    Sep 03, 2019
    The September 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • Pioneer Credit Limited

    Sep 02, 2019
    Share Trading Suspension Extended
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  • Next Generation Clubs 1H19 Results

    Aug 29, 2019
    Next Generation (Next Gen, Group) reported 1H19 results which were noticeably softer than 1H18, as revenue, EBITDA and NPAT were all affected by the lower membership count stemming from the sale of Perth South. In addition, the construction of the new Doncaster club continues to be delayed. As a result, we revise our recommendation on the Group's 7.90% senior secured notes due June 2023 due to our view of limited price upside in the near term.
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  • Virgin Australia FY19 Results

    Aug 29, 2019
    On 28 August 2019, Virgin Australia (VAH) reported its full year results for the period ended 30 June 2019, reporting an underlying loss before tax of AUD71.2m reflecting the impact of adverse market conditions in 2H19.
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