1800 01 01 81  

FIIG Credit Research

Exclusive news and research content for FIIG clients.

  • Australian PPP Projects - Recommendation Initiation

    Dec 14, 2018
    We initiate recommendations on a range of notes supporting Australian PPP projects.
    Full story
  • Mallinckrodt Plc spin off - December 2018

    Dec 12, 2018
    Mallinckrodt Plc (MNK) has announced it will spin off its speciality generics business to shareholders in 2019. The company previously announced its intention to divest the generics business and has been reporting it as discontinued operations. The separation will be completed through a pro-rata distribution of common stock to shareholders.
    Full story
  • 2019 Credit Outlook

    Dec 11, 2018
    Despite strong economic growth during the year, 2018 proved to be a year of growing uncertainties leaving the outlook for the year ahead highly uncertain.
    Full story
  • Talen Energy Moody's downgrade - Dec 2018

    Dec 10, 2018
    On 4 December 2018, Moody’s Investors Service downgraded to B3 the debt ratings on the senior unsecured guaranteed bonds of Talen Energy Supply LLC
    Full story
  • Ansett Aviation Training FY18 update - November 2018

    Dec 05, 2018
    We revise our credit outlook on AAT and reiterate our recommendation on its 7.50% notes due 2020
    Full story
  • Updates to the DirectBond Filter Lists - November 2018

    Dec 04, 2018
    Updates to the DirectBond Filter Lists - November 2018
    Full story
  • New DirectBond Filter Lists - November 2018

    Dec 04, 2018
    The DirectBond filter lists have been updated for November 2018
    Full story
  • Rackspace Moody's downgrade

    Nov 30, 2018
    Moody’s stated that the downgrade reflects Rackspace's weak revenue and margin trends, intense competitive pressure and Moody's expectation that leverage will decline but remain above 4.5x for the next two years. The outlook remains negative.
    Full story
  • Axsesstoday update - November 2018

    Nov 30, 2018
    On 29 November 2018, Axsesstoday provided a progress update to the ASX. It also issued a revised version of its financial statements for the year ended Jun 30, 2018 (FY18)
    Full story
  • Research report - Maurice Blackburn - November 2018

    Nov 26, 2018
    We initiate a recommendation on Maurice Blackburn’s 7.45% subordinated notes due August 2022 of Market Perform. Our credit outlook is Stable.
    Full story
  • SCT Logistics – FY18 Results

    Nov 21, 2018
    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.
    Full story
  • Merredin Energy Retail Report - November 2018

    Nov 20, 2018
    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.
    Full story
  • Rackspace 3Q18 - November 2018

    Nov 20, 2018
    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.
    Full story
  • 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.
    Full story
  • 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.
    Full story
  • Tier 2 Financials

    Nov 09, 2018
    Review and recommendations on a number of Tier 2 subordinated notes issued by Australian banks and insurance companies.
    Full story
  • 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.
    Full story
  • 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).
    Full story
  • 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.
    Full story
  • 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).
    Full story

Copyright © 2017 FIIG Securities Limited | ABN 68 085 661 632 | AFSL No 224659 | Financial Services GuideSitemap | About us
FIIG provides general financial product advice only.  For a copy of our disclaimer please refer to fiig.com.au/disclaimer