FIIG Research

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

Higher rated notes of RMBS transactions remain attractive investments. Here we look at the relative value of these securities and consider the factors influencing property prices.

Maurice Blackburn (MB) is one of Australia’s leading consumer law firms with almost 100 years of history. The firm has leading positions in the personal injury litigation sector and the largest class actions practice in Australia.

Dell International L.L.C and EMC Corp are intermediary holding companies ultimately controlled by Dell Technologies and are the joint issuers of the USD4.5bn 2026 notes.

Dell International L.L.C and EMC Corp are intermediary holding companies ultimately controlled by Dell Technologies and are the joint issuers of the USD4.5bn 2026 notes.

We revise our credit outlook on AAT and reiterate our recommendation on its 7.50% notes due 2020

Updates to the DirectBond Filter Lists - November 2018

The DirectBond filter lists have been updated for November 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.

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)

Bendigo and Adelaide Bank Ltd (Bendigo) is a regional bank that specialises in retail banking with a focus on rural communities. Bendigo is a top 60 ASX listed company with assets under management of more than AUD71.4bn (30 June 2018).

Bendigo & Adelaide’s (BEN) new 2023 call Tier 2 floating rate note (FRN) was oversubscribed at issuance, and will have ongoing demand in the secondary market. The note is available at a margin above 3mBBSW+1.90%, offering a more attractive return compared to older issues.

Sprint has further upside with the T-Mobile merger looking more likely, and the downside limited by strong operations and other potential buyers of the company. Its recent price movement lower presents a more attractive entry point for investors.

Dicker Data Limited (DDR) is an ASX listed wholesale distributor of computer hardware and related products. The company has over 36 years of experience with operations in Australia and New Zealand. In April 2014, DDR became the second largest IT distributor in Australia/ New Zealand and third largest in Australasia following the AUD65.5m acquisition of Express Data.

Zenith Energy, heardquartered in Perth, specialises in the provision of remote power generation solutions to the resources and energy sectors. Zenith’s customers are typically located in remote areas not connected to the electricity grid, requiring the installation and operation of stand-alone power generation.

Westpac Banking Corporation (Westpac) is one of the four major banks in Australia in terms of market capitalisation and customers. Westpac is one of the top five companies on the ASX by market capitalisation (AUD95.3bn as at 9 November 2018).

Westpac Banking Corporation (Westpac) is one of the four major banks in Australia in terms of market capitalisation and customers. Westpac is one of the top five companies on the ASX by market capitalisation (AUD95.3bn as at 9 November 2018).

Westpac Banking Corporation (Westpac) is one of the four major banks in Australia in terms of market capitalisation and customers. Westpac is one of the top five companies on the ASX by market capitalisation (AUD95.3bn as at 9 November 2018).

Virgin Australia Holdings Limited (Virgin) is Australia’s second largest airline, providing access to over 480 destinations worldwide. Virgin also provides services together within airline partners and operates flights domestically and internationally; carrying around 24 million passengers annually and currently operates 3,400 average weekly scheduled flights to 46 destinations in Australia and 16 internationally. Virgin is listed on the Australian Securities Exchange (ASX) with a market capitalisation of AUD1.86bn as at 10 September 2018.

Virgin Australia Holdings Limited (Virgin) is Australia’s second largest airline, providing access to over 480 destinations worldwide. Virgin also provides services together within airline partners and operates flights domestically and internationally; carrying around 24 million passengers annually and currently operates 3,400 average weekly scheduled flights to 46 destinations in Australia and 16 internationally. Virgin is listed on the Australian Securities Exchange (ASX) with a market capitalisation of AUD1.86bn as at 10 September 2018.