We believe that SCT Logistics’ 2019 floating rate notes offer investors good relative value. The SCT fixed notes maturing 2021 offer investors fair relative value.

We believe Merredin Energy's AUD senior secured notes maturing in November 2022 with a fixed coupon of 7.50% (the Notes) offer better relative value when compared to peers at 6.91% yield to worst (YTW) and an indicative mid-price of 102.25.

Rackspace Hostings reported its 3Q18 results on 14 November 2018, with stable earnings compared to the prior quarter and improvement in free cash flow. Our independent credit provider, CreditSights, has maintained its current recommendation.

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.

The AMP group is Australia and New Zealand’s leading wealth management company, with an expanding international investment management business and a growing Australian retail banking business.

Lendlease released an announcement relating to a provision for its Engineering and Services Business, leading to the company cancelling its AUD500m bond issues.

Impact Group reported results for FY18, with earnings weaker than expected but better leverage owing to lower gross debt and higher assets. Given the softer outlook in the property market, we have revised our recommendation to Market Perform. Our credit outlook remains Stable.

Review and recommendations on a number of Tier 2 subordinated notes issued by Australian banks and insurance companies.

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.

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.

Liberty Financial reported solid results for FY18, with strong growth and an equity issuance to support capital. We revise our recommendation on the June 2020 bonds to Market Perform and initiate a recommendation of Underperform on the April 2021 bonds.

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.

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.

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.

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.

We believe Perth-based independent power producer Zenith Energy's amortising notes maturing in August 2025 offer good relative value compared to peers at a yield to worst of 7.18% (based on indicative mid-price).

The performance of the Class B notes of the zipMoney 2017-1 trust remains stable, with consistent arrears and loss ratio. Further, we see limited near-term regulatory risks in relation to a potential senate inquiry into the non-bank finance sector, including the 'buy-now, pay-later' segment. We maintain our Outperform* recommendation on the zipMoney notes.

We believe the draft recommendations from the Public Utilities Office regarding market reform are positive and supportive of Merredin Energy's credit profile. We have changed our recommendation on Merredin's notes to Outperform based on a yield to worst of 6.98% (quoted at an indicative mid-price of 102.02).

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.

Axsesstoday (AXL) today released a notice on the ASX, advising that it was seeking to extend the suspension of its shares until the end of November and provided an update on its current business strategy review. At the same time, AXL advised it remained in contact with all its financiers with a view to presenting a long-term solution to the defaults under its debt agreements.