The August 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.

On 30 July 2019, The Geo Group Inc. (GEO, Company) announced 2Q19 results. Results were relatively strong with growth in revenues, net income and funds from operations (FFO) on the prior comparative period (pcp). The Company reiterated its FY2019 guidance despite political headwinds and several financial institutions withdraw funding for for-profit incarceration and detention facilities.

On 29 July 2019, Mackay Sugar's shareholders overwhelmingly voted in favour of the proposed transaction that will see Nordzucker inject up to AUD120m in return to a 70% ownership stake in the company.

On 24 July 2019, Zip Co released its 4Q19 quarterly update, with strong positive momentum across the board.

On 25 July 2019, S&P Global Ratings downgraded Genworth Financial Mortgage Insurance, citing he structural decline in the demand for lenders’ mortgage insurance.

Ei Group plc announced that it had reached an agreement with Stonegate for the acquisition of the Ei group. While the takeover remains subject to a number of conditions, the announcement has driven the price on the notes closer to par, resulting in the notes trading about GBP5 lower than prior to the announcement. We would expect the price to gradually move toward GBP100 as the takeover becomes more certain.

Australia and New Zealand Banking Group (ANZ) is one of the four major banks in Australia and the largest banking group in New Zealand and the Pacific.

The notes were issued by 20th Super Pace Nominees Pty Ltd ATF Byrns Smith Unit Trust (trading as SCT Logistics). SCT provides a full suite of vertically integrated, national logistics services, at the core of which is Australia’s most modern rail freight operation and national terminal footprint. The business was established in 1974 as a rail line haul service by Peter Smith, and ownership of the business has remained with the Smith family.

The notes were issued by 20th Super Pace Nominees Pty Ltd ATF Byrns Smith Unit Trust (trading as SCT Logistics). SCT provides a full suite of vertically integrated, national logistics services, at the core of which is Australia’s most modern rail freight operation and national terminal footprint. The business was established in 1974 as a rail line haul service by Peter Smith, and ownership of the business has remained with the Smith family.

Sunland is an ASX listed residential property development group with over 30 years’ industry experience.

Genworth Financial Mortgage Insurance Pty Ltd (the Issuer) is a wholly owned subsidiary of Genworth Mortgage Insurance Australia Limited (GMA).

StockCo is an Australian niche provider of a specialty agricultural finance product tailored to fund the “finishing” phase of livestock’s growth.

Moneytech was founded by CEO Hugh Evans and has operated in Australia since 2003, offering technology-driven trade and debtor finance to small and medium businesses. Moneytech’s customers come from a diverse range of industries, however, are focussed in the wholesale distribution sectors.

Established in 2001, IMF Bentham Limited is the largest litigation funder in Australia and the first to be listed on the Australian Securities Exchange (ASX code: IMF). IMF has a market capitalisation of approximately AUD632m as at 7 February 2019.

Auswide Bank Ltd. (ABA) is a small ASX-listed bank that provides retail banking services across Australia.

Westpac Banking Corporation (Westpac) is one of the four major banks in Australia in terms of market capitalisation and customers. Westpac is one of the top five companies on the ASX by market capitalisation (AUD98.97bn as at 1 July 2019).

Westpac Banking Corporation (Westpac) is one of the four major banks in Australia in terms of market capitalisation and customers. Westpac is one of the top five companies on the ASX by market capitalisation (AUD98.97bn as at 1 July 2019).

As we kick-off the new financial year, it’s timely to look back at market conditions over the first half of 2019 and consider how best to adjust portfolios for the remainder of the year.

On 15 July 2019, AMP Limited announced that the transaction for the sale of its insurance operations was unlikely to proceed. Although the equity markets reacted negatively to this development, we view the recent capital implications as overall positive for creditors and remain comfortable with the credit profile of AMP.