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Investment Strategy

Exclusive news and research content for FIIG clients.

  • FIIG Strategy - AMP+BENAU - Tier 2 - Unscathed by Royal Commission

    Feb 18, 2019
    The long-awaited Royal Commission final report was released without any new damning information. Despite weaker than expected earnings from both companies, their respective sub debt notes remained stable with minimal impact on credit quality. However, it was a different story for shareholders.
    Full story
  • FIIG Strategy - New Issue Alert - Liberty

    Feb 15, 2019
    New issue alert - Liberty
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  • FIIG Strategy - New Issue Alert - Virgin Australia Feb 2019

    Feb 15, 2019
    New issue alert - Virgin Australia
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  • FIIG Strategy - Sprint Update - February 2019

    Feb 15, 2019
    As Sprint & T-Mobile take their case to Congress, it remains unknown if the merger will be approved. For existing bond holders, current pricing presents an attractive exit level, or an opportunity to await the outcome with further upside.
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  • FIIG Strategy - Virgin - Soaring to new highs

    Feb 15, 2019
    Virgin Australia’s strong 1H19 results make the three bonds issued by the company compelling investment options in high yield.
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  • FIIG Strategy - Hybrids - Investing in bonds can cushion the loss of imputation credit

    Feb 15, 2019
    Labor’s proposed changes to imputation credit will impact total income derived from hybrids. Investing in a portfolio of bonds, with unfranked cash distributions will protect against this loss of income.
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  • FIIG Strategy - New Issue Alert - General Motors Financial Company

    Feb 13, 2019
    General Motors Financial Company has announced an inaugural 4 year AUD transaction.
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  • New DirectBond - Mercer International Inc

    Feb 08, 2019
    A new USD HY bond has been added to the DirectBond list, issued by Mercer International and maturing in 2025, it yields north of 6.00%pa. The company is a leading global market position in Northern Bleached Softwood Kraft pulp, with a diversified product range and geographical locations. We think Mercer is a good high yield income supplement in a diversified portfolio.
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  • US High Yield - monthly return volatility

    Feb 01, 2019
    US HY is inherently volatile and various factors (systemic and cyclical) influence credit spreads of the underlying bonds, meaning a month of sharp correction is often followed by outstanding excess return. This in turn means that investors need to be patient with their HY holdings, especially in times like now where price movement is market driven.
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  • Portfolio protection - Extend duration in AUD IG bonds

    Jan 25, 2019
    Extending duration in AUD investment grade (IG) bonds makes sense in the current economic environment where yield curves are expected to shift lower.
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  • 2019 - What does the year hold for investors

    Jan 18, 2019
    Last week we looked at events that shaped 2018. This week we will consider what these events imply for 2019 and how investors should position their portfolios.
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  • 2018 - The year that was

    Jan 10, 2019
    Volatility increased in financial markets during 2018 with several geopolitical issues and tensions impacting asset classes and performance. Here we look at some of the key highlights from 2018.
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  • US High Yield - long term return analysis

    Jan 03, 2019
    With volatility set to continue into Q1 2019, it’s crucial for USD allocations to be diversified across sectors. Nevertheless, there is still a compelling argument for high yield with solid returns in the long run.
    Full story
  • New DirectBonds - FMG Resources (2022 and 2024)

    Dec 17, 2018
    FMG’s 2022 and 2024 High Yield (HY) bonds have been added to FIIG’s USD DirectBond list. The bonds offer exposure to a well-known Australian company, and are an attractive inclusion in USD portfolios yielding over 5.20%pa and 5.80%pa, respectively.
    Full story
  • FIIG Strategy - Outlook - Where next for the credit cycle?

    Dec 14, 2018
    With the global growth outlook for 2019 looking subdued, there is an increasing possibility the credit cycle is nearing an end. The cause and timing is uncertain, but investors should consider the ability of companies to refinance their outstanding debt as it comes closer to maturity.
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  • New DirectBond - Westpac USD Tier 2

    Dec 10, 2018
    Westpac’s USD denominated, investment grade Tier 2 bond is the newest addition to our USD DirectBond offering. This bond is fixed rate and available in USD10,000 minimums. It would appeal to clients wanting to improve credit quality of their USD investments.
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  • RMBS – Property market update

    Dec 06, 2018
    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.
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  • Bendigo & Adelaide - Tier 2 offering

    Nov 30, 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.
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  • Sprint - a speculative buy

    Nov 30, 2018
    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.
    Full story
  • Nufarm - Harvesting opportunity

    Nov 26, 2018
    Since DirectBonding Nufarm’s 2026 USD bond in August, we’ve continued to see attractive and relatively stable pricing, even during recent market volatility. We believe the company has future relevance with increasing global growth and presents an opportunistic buy.
    Full story

Copyright © 2019 FIIG Securities Limited | ABN 68 085 661 632 | AFSL No 224659 | Financial Services GuideSitemap | About us
FIIG provides general financial product advice only.  For a copy of our disclaimer please refer to fiig.com.au/disclaimer
* 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.