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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 22, 2019
Eric Insurance reported a YTD 1H19 (31 December 2018) unaudited net profit after tax of AUD1.09m, up from a net loss of AUD0.90m in the prior corresponding period, and ahead of our expectations. While the underlying credit quality continues to improve, Eric Insurance (and the general insurance industry) remains heavily exposed to regulatory uncertainty.
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Feb 22, 2019
On 19 February 2019, global offshore contract drilling service provider Transocean Ltd, reported its 4Q18 and full year results.
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Feb 22, 2019
An update on Virgin Australia following a ratings upgrade on the unsecured notes.
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Feb 22, 2019
Glencore’s decision to cap coal production and uncertainty around continued coal export to China have created concerns for the Australian coal sector but we don’t believe there’s any long-term risk to the main coal export terminals.
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Feb 19, 2019
Maurice Blackburn (MB) reported 1H19 results which were in line with our expectations. We reiterate our Market Perform recommendation on MB’s 2022 notes. While we expect leverage has peaked and should now begin to reduce, this is as expected and therefore our credit outlook remains Stable.
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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
AMP Limited (AMP) reported NPAT of AUD28m in FY18, down from AUD848m last year. Profitability was impacted by the Royal Commission and losses from its life insurance operations, which is scheduled to be sold later this year. Earnings from continuing operations were sound and provide a solid base moving forward, while capitalisation remains strong.
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Feb 15, 2019
New issue alert - Liberty
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Feb 15, 2019
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Feb 15, 2019
New issue alert - Virgin Australia
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Feb 14, 2019
As Sprint & T-Mobile take their case to Congress, it remains unknown if the merger will be approved. For existing bond holders, current pricing presents an attractive exit level, or an opportunity to await the outcome with further upside.
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Feb 14, 2019
Virgin Australia’s strong 1H19 results make the three bonds issued by the company compelling investment options in high yield.
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Feb 14, 2019
Labor’s proposed changes to imputation credit will impact total income derived from hybrids. Investing in a portfolio of bonds, with unfranked cash distributions will protect against this loss of income.
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Feb 14, 2019
We change our recommendation on Virgin Australia’s 8.50% USD notes due 2019 and reiterate our recommendations on the company’s 7.875% USD notes due 2021 and 8.25% AUD notes due 2023 following the release of the 1H19 results.
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Feb 13, 2019
General Motors Financial Company has announced an inaugural 4 year AUD transaction.
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Feb 13, 2019
Sydney Airport – Updated recommendation
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Feb 12, 2019
Merredin Energy – Downgraded recommendation.
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Feb 08, 2019
A new USD HY bond has been added to the DirectBond list, issued by Mercer International and maturing in 2025, it yields north of 6.00%pa. The company is a leading global market position in Northern Bleached Softwood Kraft pulp, with a diversified product range and geographical locations. We think Mercer is a good high yield income supplement in a diversified portfolio.
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Feb 07, 2019
Mercer International Inc. (Mercer, Company) was founded in 1968 and is headquartered in Vancouver, Canada. Mercer, together with its subsidiaries, manufactures and sells northern bleached softwood Kraft (NBSK) pulp in the United States, Europe, Asia, and internationally.
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