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  • Adani Abbot Point Terminal FY19 Results

    Aug 23, 2019
    Adani Abbot Point Terminal (AAPT) reported solid results for the full year ended 31 March 2019, increasing the amount of coal handled to 28.8 million tonnes over the course of the year. In FY19, AAPT reported EBITDA of AUD185.5m, slightly lower than FY18. Despite the lower EBITDA, the 12-month cash flow cover ratio reached 2.24x at FYE19 due to lower interest costs. We provide an update on our recommendations on AAPT's AUD notes due 2020 and USD notes due 2022.
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  • REDS 2019-1 Class D Notes

    Aug 23, 2019
    REDS 2019-1 Class D Notes
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  • Lucas TCS Update August 2019

    Aug 21, 2019
    We provide an update to noteholders on the progression of ongoing discussions with Lucas following our credit update dated 26 June 2019. Our recommendation on Lucas’ notes due 2022 remains unchanged.
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  • FIIG Strategy - New Issue Alert - WBC AUD Tier 2

    Aug 20, 2019
    New issue alert - Westpac launches Tier 2 Subordinated Bond
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  • ME Update August 2019

    Aug 19, 2019
    Merredin Energy reported 4Q19 and FY19 results were in line with our forecasts, reflecting the predictability of Merredin Energy’s cash flows. Revenues for the quarter and full year came in at AUD2.8m and AUD10.8m, respectively. Merredin Energy reported EBITDA of AUD2.2m in 4Q19 and AUD8.3m for FY19, both marginally ahead of our forecasts. We maintain our recommendation on Merredin Energy’s notes due 2022
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  • JCPenny

    Aug 16, 2019
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  • Sydney Airport 1H19 Results

    Aug 16, 2019
    On 15 August 2019, SYD reported robust first half results for the period ended 30 June 2019. Revenues for the period were AUD797.1m, a 3.4% increase on the prior corresponding period. EBITDA came in at AUD649.2m, a 4.1% increase on 1H18, primarily underpinned by in a 1.9% increase in international passenger numbers.
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  • Frontier Communication Rating Update

    Aug 15, 2019
    Moody’s downgrade its rating on Frontier Communications. The outlook on the rating remains negative.
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  • Dean Foods Update

    Aug 15, 2019
    On 6 August 2019, Dean Foods Company (Dean Foods, Company) announced soft 2Q19 results. Dean Foods reported accelerated declines in revenue, EBITDA and a net loss. Operational and industry headwinds continue to hamper the Company, which expects to be a net user of cash in FY19. We provide an update of Dean Foods' performance and the Company's prospects moving forward.
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  • FIIG Strategy - 2019 RMBS Collateral Performance Report

    Aug 14, 2019
    In this inaugural report on the performance of the Residential Mortgage Backed Securities (RMBS) sector, we review the current characteristics of a large number of RMBS where our clients have exposure.
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  • Frontier, Hertz, IAG, Mallinckrodt and Suncorp.

    Aug 12, 2019
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  • Axsesstoday Update

    Aug 09, 2019
    On 9 August 2019, Axsesstoday’s administrators provided an update on the sale process, which is expected to be completed on or before 13 September 2019. The update also provides some indication on the likely return for secured and unsecured creditors.
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  • AMP Performance Update

    Aug 09, 2019
    On 8 August 2019, AMP released its 1H19 results. At the same time, it provided details of its new strategy, as well launching a fully-underwritten capital raising. It also announced the sale of its life insurance operations was to proceed on new terms. Although the overarching strategy is complex and execution risk is high, we believe the announcements yesterday are overall positive for the outlook for AMP’s continuing operations.
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  • Torrens 2019-1 Class C Notes Factsheet

    Aug 08, 2019
    Torrens 2019-1 Class C Notes Factsheet
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  • FIIG Strategy - FIIG Australian High Yield Index

    Aug 08, 2019
    The Solactive FIIG Australian High Yield and Non-Rated Bond TR Index is a new index that allows investors to assess performance of the AUD high yield (HY) bond market.
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  • IAMGOLD 2Q19 Results

    Aug 08, 2019
    On 7 August 2019, gold mining company, IAMGOLD released its second quarter results. Revenue was down 11% on the corresponding prior period in 2018 due primarily to lower sales volumes. As at 30 June 2019, IAMGOLD continues to remain net debt free.
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  • Oasis Petroleum 2Q19 Results

    Aug 07, 2019
    On 6 August 2019, Oasis Petroleum reported solid quarterly results for the period ended 30 June 2019.
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  • Pioneer Credit Ltd AUD 3M BBSW+5.25% 22-Mar-22 Subordinated Secured Note

    Aug 06, 2019
    Pioneer Credit Limited (Pioneer) is an ASX–listed financial services provider (ASX: PNC) with 180,000 customers across Australia and New Zealand. Pioneer specialises in acquiring and servicing unsecured retail debt portfolios (Purchased Debt Portfolios or PDPs), primarily from major banks and some regional banks.
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  • Armour Energy, Avon, Ensco Rowan / Valaris, HCA, Kinross Gold, Mercer, Nufarm, Peabody, Sprint, Transocean, Western Digital and Zenith Energy.

    Aug 02, 2019
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  • Mackay Sugar Transaction Completion

    Aug 02, 2019
    On 31 July 2019, Mackay Sugar announced that the proposed acquisition of a 70% ownership stake in the company by Nordzucker had been completed.
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* Based on FIIG’s high yield sample portfolio. Click here to view. Subject to change and before fees. Please see our FSG for any applicable fees.