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FIIG Research

  • FIIG Strategy - New DirectBond - Barclays PLC

    Jun 18, 2019
    UK investment bank and financial services company, Barclays PLC, has launched an Australian dollar multi-tranche [5] year fixed coupon and floating rate note (FRN), and a [10] year fixed coupon note.
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  • FIIG Strategy - New DirectBond - Peabody Energy Corporation

    Jun 18, 2019
    The newest additions to FIIG’s USD DirectBond list are two high yield (HY) opportunities issued by Peabody Energy Corporation. Since emerging from Chapter 11 in 2017, it issued a shorter dated 2022 and medium-term 2025 maturity bond. We prefer the 2025 bond offering an attractive yield over 6.00%pa.
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  • Hertz

    Jun 17, 2019
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  • Tier 2 Financials Update

    Jun 17, 2019
    We update our recommendations on a number of Tier 2 issuances by Australian banks and insurance companies.
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  • 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.
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  • Next Generation Clubs Australia Update

    Jun 14, 2019
    We reiterate out Outperform 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
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  • FIIG Strategy - Understanding USD High Yield Bonds

    Jun 13, 2019
    The Australian bond market is faced with an insatiable demand currently, as bonds are maturing or being called, dwindling new issuance is limiting additional supply and there’s a thirst for yield. The liquidity and depth of the large USD high yield (HY) bond market is where savvy investors are looking to for opportunities, and for good reason, as we further explore.
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  • Zenith Energy, SBS Bank & StockCo

    Jun 11, 2019
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  • 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.
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  • 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.
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  • SCT Logistics New Issue Report

    Jun 07, 2019
    SCT Logistics New Issue Report.
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  • FIIG Strategy - Bond rally to continue as RBA signals further rate cuts

    Jun 06, 2019
    The RBA has cut the overnight cash rate (OCR) to the lowest level in history. With more rate cuts on the way and bond prices likely to rally further, we believe it is time for investors to start adjusting their expectation to a lower yielding environment
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  • Novacare Solutions Partnership

    Jun 04, 2019
    The Novacare Solutions Partnership consists of Novacare Solutions Trust and Novacare Health Solutions Trust (Novacare). Novacare, together with Novacare Services Pty Ltd contracted with the NSW Department of Health (NSW Health) to design, build, refurbish and maintain various facilities at the Mater Misericordiae Hospital (Mater Hospital), in Newcastle. NSW Health’s obligations under the PPP contract are guaranteed by the New South Wales State Government (State).
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  • 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.
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  • 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.
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  • Armour Energy, Aroundtown, Frontier Communications and W.A. Stockwell

    Jun 03, 2019
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  • FIIG Strategy - Understanding Covenants - May 2019

    May 31, 2019
    Covenants are a key line of defence for bondholders, especially when investing in unrated or sub investment grade bonds. They act to align the interests of both the issuer and the bondholders and serve as a layer of protection well ahead of any potential payment default. Here we look at the different covenants and how they work.
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  • FIIG Strategy - New DirectBond - Hunt Companies Inc

    May 30, 2019
    The newest addition to FIIG’s USD DirectBond list is a high yield (HY) opportunity issued by Hunt Companies Inc., offering an attractive yield above 6.60%pa. The sub investment grade bond is an ideal inclusion in a well-diversified portfolio for wholesale investors.
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  • 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.
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  • 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.
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* 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.