FIIG Research

  • IAMGOLD - USD High Yield investment option

    Oct 12, 2018, 15:29 PM by Asmita Kulkarni, CFA
    IAMGOLD (IMG) remains our pick in the USD High Yield (HY) mining sector. The current bond price, offering a yield in excess of 6.50%, is a good entry level for new investors or those looking to add to their holdings. Further bolstering this investment thesis are the recent Moody’s upgrade, a rebound in gold price and positive 2Q18 company results.
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  • Praeco Coverage Initial Recommendation October 2018

    Oct 12, 2018, 10:19 AM by Thomas Jacquot
    We are initiating our recommendation on Praeco.
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  • Plenary initial recommendation start October 2018

    Oct 12, 2018, 09:34 AM by Thomas Jacquot
    We initiate our coverage of Plenary Bond Co’s 6.50% notes due 2024 with a Market Perform recommendation. The outlook is stable.
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  • NEXTDC - Takeover of APDC considered credit positive

    Oct 11, 2018, 12:05 PM by Will Arnold
    NEXTDC has agreed terms to acquire the remaining 70.8% of the Asia Pacific Data Centre Trust (APDC). APDC owns three datacentres located in Perth, Sydney, and Melbourne which NEXTDC rents from it. These were the first three datacentres developed by NEXTDC and were spun out of the Group in order to recycle capital. NEXTDC has been attempting to take back control of the assets for over a year.
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  • FIIG Strategy - Hertz - Sector Revision

    Oct 11, 2018, 12:03 PM by Jessica Rusit
    Our independent credit research provider, CreditSights, has revised its sector recommendations for Car Rental to ‘Selective Risk Taking’. There is no change to the credit and indicatively yielding over 7.90%pa, the Hertz 2022 is an appealing short dated US dollar offering.
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  • Centuria new issue

    Oct 10, 2018, 11:03 AM by Leigh Winton
    Centuria Capital No. 2 Fund (Centuria) is launching a new transaction, seeking to raise up to AUD100m of senior secured notes maturing in April 2023. The transaction will include one floating rate tranche and one fixed rate tranche, both offering a yield in the region of 6.50%.
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  • New DirectBond Filter Lists - September 2018

    Oct 8, 2018, 10:02 AM by Bonnie Corbett
    The DirectBond filter lists have been updated for September 2018.
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  • FIIG Strategy – Port Melbourne – New Issuance

    Oct 5, 2018, 17:13 PM by Leigh Winton
    Port of Melbourne's inaugural AUD issuance is expected to be in demand due to its investment grade rating as well as the stability and predictability of its cash flows. However, we do not believe it offers value at the indicative pricing of below 4.00%.
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  • FIIG Strategy - BNP Paribas - New Issue Alert

    Oct 5, 2018, 17:06 PM by Investment Strategy
    The French Bank, BNP Paribas, is to issue an Australian dollar Tier 2 style bond. The investment grade 15 year bond callable after 10 years is expected to price around 5.00$ yield which equates to a margin of BBSW +2.20%.
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  • FIIG Strategy - Nufarm - New DirectBond

    Oct 5, 2018, 17:04 PM by Jessica Rusit
    Nufarm's April 2026 bond is the recent inclusion to the DirectBond list and available to wholesale investors. The US dollar bond trades at a discount to its issue price, providing an appealing entry point for investors who are comfortable with the investment grade risk.
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  • FIIG Strategy - Heathrow Airport - New Issuance

    Oct 5, 2018, 17:02 PM by Leigh Winton
    Heathrow Airport's inaugural AUD issuance is expected to receive strong investor demand due to its investment grade rating and stable and predictable cash flow.s The bond offers reasonable value with trading margin of circa BBSW+1.40% and fits our theme of extending duration in Australian dollar denominated investment grade bonds. Nevertheless, we see better relative value elsewhere with these bonds also carrying additional interest rate risk.
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  • FIIG Strategy - Harvey 2018 - 1 Preliminary Transaction Overview - Oct 2018

    Oct 5, 2018, 16:59 PM by Asmita Kulkarni, CFA
    Harvey 2018-1 is Credit Union Australia’s (CUA) first transaction for 2018. It is a prime RMBS supported by a good quality pool of collateral
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  • FIIG Strategy - AAPT USD Bond - October 2018

    Oct 5, 2018, 16:49 PM by Asmita Kulkarni, CFA
    Adani Abbot Point Terminal (AAPT) is the financing subsidiary for the companies holding the lease on the Abbot Point Coal Terminal. AAPT’s 4.45% Dec 2022 USD bond looks attractive as a 4 year investment with an indicative yield above 7.25%.
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  • IAMGOLD Corporation Factsheet for wholesale clients only

    Oct 5, 2018, 11:11 AM by Research
    IAMGOLD USD 7.00% April 2025 senior unsecured notes Factsheet
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  • Eric Insurance's FY18 Results

    Oct 3, 2018, 16:52 PM by Andrew Mayes
    Eric Insurance released its FY18 results
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  • Understanding Inflation Linked Securities

    Sep 28, 2018, 14:47 PM by Asmita Kulkarni, CFA
    Inflation linked securities should be in every fixed income portfolio. These securities protect investors against inflationary pressures while maintaining a steadily growing income flow.
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  • Asciano 2027 - Relative Value in Floating Rate Notes

    Sep 28, 2018, 10:26 AM by Jessica Rusit
    Australian corporate predominantly issue fixed rate bonds leading to a limited offering in floating rate notes (FRN) particularly in investment grade.
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  • Nufarm’s FY18 Results

    Sep 28, 2018, 10:01 AM by Thomas Jacquot
    Nufarm released its FY18 results and concurrently announced a AUD303m equity raising.
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  • Medallion Trust 2018-1 Transaction Overview

    Sep 26, 2018, 11:32 AM by Asmita Kulkarni, CFA
    This transaction is CBA's first public RMBS term out deal for 2018 and the biggest RMBS transaction fo the year.
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  • Axsesstoday

    Sep 24, 2018, 17:58 PM by Andrew Mayes
    Axsesstoday has extended its share suspension and provided further details on its current review, including certain senior bank debt term renegotiations linked to technical breaches.
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