FIIG Credit Research

Exclusive news and research content for FIIG clients.

  • Lendlease Update

    Nov 09, 2018
    Lendlease released an announcement relating to a provision for its Engineering and Services Business, leading to the company cancelling its AUD500m bond issues.
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  • Impact Group FY18 Results

    Nov 09, 2018
    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.
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  • Tier 2 Financials

    Nov 09, 2018
    Review and recommendations on a number of Tier 2 subordinated notes issued by Australian banks and insurance companies.
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  • Liberty Financial – Solid FY18 Results

    Nov 02, 2018
    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.
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  • Zenith Initial recommendation Oct 2018

    Oct 31, 2018
    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).
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  • Zip Money 1Q19 Results Update

    Oct 31, 2018
    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.
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  • Merredin Energy Updated Recommendation October 2018

    Oct 31, 2018
    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).
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  • Axsesstoday (AXL) - October 2018

    Oct 26, 2018
    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.
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  • ERIC 1Q19 Results Update - October 2018

    Oct 26, 2018
    ERIC Insurance reported positive results for the 1st quarter of FY19, with unaudited net profit after tax of AUD0.61m. We maintain our Speculative Buy recommendation on ERIC's 10% Tier 2 subordinated notes due 2026. Our credit outlook remains negative.
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  • Barminco - Agnew October 2018

    Oct 22, 2018
    On October 2019, mining services company, Barminco Holdings (Barminco), announced that it had been awarded two four-year contracts at the Agnew gold mine By Gold Fields.
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  • Praeco Coverage Initial Recommendation October 2018

    Oct 12, 2018
    We are initiating our recommendation on Praeco.
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  • Plenary initial recommendation start October 2018

    Oct 12, 2018
    We initiate our coverage of Plenary Bond Co’s 6.50% notes due 2024 with a Market Perform recommendation. The outlook is stable.
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  • NEXTDC - Takeover of APDC considered credit positive

    Oct 11, 2018
    NEXTDC has agreed terms to acquire the remaining 70.8% of the Asia Pacific Data Centre Trust (APDC). APDC owns three datacentres located in Perth, Sydney, and Melbourne which NEXTDC rents from it. These were the first three datacentres developed by NEXTDC and were spun out of the Group in order to recycle capital. NEXTDC has been attempting to take back control of the assets for over a year.
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  • New DirectBond Filter Lists - September 2018

    Oct 08, 2018
    The DirectBond filter lists have been updated for September 2018.
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  • Eric Insurance's FY18 Results

    Oct 03, 2018
    Eric Insurance released its FY18 results
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  • Nufarm’s FY18 Results

    Sep 28, 2018
    Nufarm released its FY18 results and concurrently announced a AUD303m equity raising.
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  • Axsesstoday

    Sep 24, 2018
    Axsesstoday has extended its share suspension and provided further details on its current review, including certain senior bank debt term renegotiations linked to technical breaches.
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  • New DirectBond Filter Lists - August 2018

    Sep 14, 2018
    The DirectBond filter lists have been updated for August 2018.
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  • Axsesstoday Group Update - shares voluntarily suspended

    Sep 14, 2018
    On 14 September 2018, Axsesstoday Group voluntarily suspended its shares pending the release of an announcement regarding a board review into the Company's business strategy. Read more.
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  • JEM CCV Factsheets for wholesale and retail clients

    Sep 14, 2018
    June 2022 Factsheets.
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