We initiate our coverage of Plenary Bond Co’s 6.50% notes due 2024 with a Market Perform recommendation. The outlook is stable.
We believe Plenary Bond Co Pty Ltd (PBC or the Issuer)’s notes maturing in May 2024 with a fixed coupon of 6.50% (Notes) offer fair relative value at a yield to worst (YTW) of 6.10% (quoted at an indicative mid-price of 101.88) when compared to peers.
PBC (as trustee for the Plenary Bond Finance Unit Trust) is a financing vehicle for Plenary Group Holdings Pty Ltd (Plenary), a leading independent long-term investor, developer and manager of public infrastructure projects in Australia and North America.
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