FIIG - The Fixed Income Experts

News and Education

Plenary initial recommendation start October 2018

by Thomas Jacquot | Oct 11, 2018
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.

Download report here

Download the article