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Investment Strategy

Exclusive news and research content for FIIG clients.

  • 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.
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  • 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.
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  • Resimac Premier 2018-2 RMBS

    Nov 23, 2018
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  • New Issue Alert - Bendigo & Adelaide sub debt issue

    Nov 23, 2018
    The new 10 year, non-call 5 year Tier 2 issuance from BEN is expected to meet strong demand as funds are invested ahead of year end. Its issue margin is wider compared to recent issuance, in line with moves in the sub debt space.
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  • Understanding Yield

    Nov 23, 2018
    The yield of a fixed rate corporate bond is made up of two components, a base interest rate and a credit spread. Higher yield is generally commensurate with high risk. In this note we explore the components of yield and highlight some bonds that we think are good relative value across the yield spectrum.
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  • AMP Relative Value - November 2018

    Nov 15, 2018
    AMP’s recent Tier 2 issuance was priced attractively when it launched and remains so as it starts trading in the secondary market. At a spread greater than 3mBBSW+2.30% it offers strong relative value compared to peers, and in our view is an opportunistic buy.
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  • Sprint -- Not slowing down

    Nov 08, 2018
    Following Sprint’s improving 3Q18 results, our independent credit research provider, CreditSights, reaffirmed its Outperform recommendation. With the T-Mobile merger looking more likely, there is further price appreciation likely and presents an opportunistic entry point.
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  • Hybrids – equity like risks, bond like returns

    Nov 08, 2018
    CBA announced a new hybrid last week. While the yield is attractive it’s worth noting hybrids are complex securities and do not offer the same investor protection as bonds. Here we assess the differences.
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  • Model Portfolios - 2 November 2018

    Nov 02, 2018
    We have created three new model portfolios to help clients achieve their risk and return objective. The portfolios offer differing yields and levels of risk, and demonstrate investment options for clients.
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  • HCA Healthy 3Q18 Results - 1 November 2018

    Nov 02, 2018
    Hospital Corporation of America (HCA) reported strong 3Q18 results, beating initial consensus. Our pick is the HCA 2025 bond, which offers a high rated exposure credit and an attractive yield over 4.50%pa.
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  • Barminco Credit Positive Developments and Ratings Upgrade 1 November

    Nov 02, 2018
    In a week of positive news for Barminco the Ausdrill merger was approved, its ratings were upgraded by three notches and its existing contracts were extended. All of these developments have substantially improved Barminco’s credit quality, making this bond a fantastic alpha generating investment option in the current investment environment.
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  • Lend Lease New Issue 1 November 2018

    Nov 02, 2018
    The new 5.5 year and 10 year AUD issuance from Lendlease is expected to meet strong interest from the market. At an indicative yield of 4.35% and 5.20%, respectively, the investment grade bonds offer attractive relative value when compared to peers with similar maturities.
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  • Barminco - Credit Positive Developments - October 2018

    Oct 26, 2018
    In a week of positive news for Barminco the Ausdrill merger was approved and its existing contracts were extended. Both of these have substantially improved Barminco’s credit quality, making this bond a fantastic alpha generating investment option in the current investment environment.
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  • Harvey Trust Series 2018-1

    Oct 25, 2018
    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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  • Firstmac Mortgage Funding Trust No.4 Series 3-2018

    Oct 25, 2018
    Firstmac 2018.3 is the third term out transaction by Firstmac in 2018. It is a prime RMBS transaction supported by a good quality pol of collateral.
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  • Investment Grade USD

    Oct 25, 2018
    Recent volatility in markets had many investors adding more Investment Grade (IG) bonds to their portfolios. Our IG picks in USD are BHP Billiton 2025c, QBE 2026c, Adani Abbott Point Terminal 2022 and NCIG senior 2027. They offer investors exposure to better rated securities without sacrificing yield.
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  • Telco Update - Opportunity Calls

    Oct 22, 2018
    Following a Telco update from our independent credit research provider (ICRP), we have highlighted our recommendations in the sector. Sprint remains a speculative buy in the sector, AT&T a hold, and Frontier and Telstra good exit targets.
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