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Apr 17, 2019
With uncertainty and volatility set to continue for some US high yield credits, now is the time to be reviewing and diversifying this part of portfolios. The recent recovery in price allows holders to reduce some positions and de-risk their USD high yield portfolios.
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Apr 15, 2019
Downer Group Finance (Downer) has launched a new fixed coupon AUD issue, with an indicative coupon of [3.75]%, maturing in 2026. It has priced tighter than recent peers, which reflects the strong demand for investment grade bonds in the current market environment.
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Apr 12, 2019
The recently announced Woolworths green bond has opened up a discussion within the FIIG client base on ethical bond investments. Here we take a look at what’s on offer in this space.
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Apr 10, 2019
AAA rated senior tranches of Residential Mortgage Backed Securities (RMBS) provide superior return when compared to equivalent rated bonds and have the added benefit of natural risk reduction through amortisation.
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Apr 09, 2019
This opportunity will appeal to clients who are comfortable with the
credit quality of Liberty Financial as an issuer but are looking for yield
and ratings upside.
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Apr 01, 2019
As uncertainty over the economic future grows, we look at longer
dated investment grade bonds, which can protect portfolios in a
downturn. We also track the strong performance of these bonds since
we last discussed this strategy.
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Apr 01, 2019
Woolworths has announced its intention to issue a potential inaugural AUD Green
bond. Woolworths operates over 3,000 retail stores in Australia and New Zealand, including more than 1,000 supermarkets. It also operates BWS and Dan Murphy’s liquor stores as well as the Big W retail chain.
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Mar 28, 2019
Downer Group Finance Pty Limited (Downer) has mandated Mizuho Securities, NAB and Westpac to organise investor meetings ahead of a new AUD denominated transaction. The bond will be issued by Downer and guaranteed by Downer EDI, the main operating entity.
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Mar 26, 2019
One of Australia’s largest pure-play listed residential land developer, Peet Limited
(Peet), has launched its first bond not to be listed on the ASX.
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Mar 22, 2019
Insurance Australia Group (IAG) has launched a new Tier 2 subordinated note with a 2025 call. It is expected to price wider than its November 2018 Tier 2 issuance, with indicative pricing at 3mBBSW+[2.40% to 2.45%], offering an attractive floating rate exposure.
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Mar 21, 2019
The recent price performance of Rackspace Hosting Inc’s (RAX) 2024 bond has concerned investors about the viability of the company. We think the bond is behaving exactly the way a high yield bond is expected to behave.
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Mar 11, 2019
The US FCC has hit pause on their review of the merger for another three weeks to allow additional public comments. CreditSights remain comfortable with their view that the merger will go through and have maintained an Outperform recommendation on Sprint.
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Mar 08, 2019
A recent newspaper article claiming an RMBS bond default has
incensed the bond analyst community, highlighting the unique nature
of credit analysis.
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Mar 08, 2019
New Issue Alert for IAG. The issuance will be 26yr NC 6.25yr-7.25yr subordinated Tier 2 notes issued by IAG, which will refinance the outstanding IAL notes with a 19 March 2019 call.
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Mar 05, 2019
Since we last released a strategy note on Dean Foods, the credit has
underperformed, surprising markets and analysts alike. Here we look
at what the challenges are, and options for bond holders.
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Mar 01, 2019
The yield on the Next Generation Clubs Australia (NextGen) 2023
bonds has improved considerably since initial issuance in mid-2018,
while credit quality has remained stable. This presents clients with an
opportunity to invest in the notes to take advantage of this market
anomaly.
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Feb 28, 2019
The recent rally in iron ore prices and strong earnings results have moved FMG bond prices higher. We believe this presents an opportunity for actively traded portfolios to take profit from this price appreciation..
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Feb 22, 2019
Incitec Pivot is road showing ahead of a potential AUD deal. It is likely to be met with strong demand as there are only a limited number of IG bonds issued by non-bank corporates available in AUD.
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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.
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Feb 15, 2019
New issue alert - Liberty
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