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FIIG Research

  • Next Generation Clubs Australia Update

    Jun 14, 2019
    We reiterate out Outperform recommendation on Next Gen's 7.90% notes due 2023, with a Stable credit outlook. The Group reported 1Q19 revenue of AUD9.6m and EBITDA of AUD2.5m, which were softer than 1Q18. Membership income from Perth South has led to lower forecasted EBITDA for FY2019, and leverage is forecasted to remain temporarily elevated. The Doncaster project is expected to be completed within the next 12 – 14 months, within management’s guidance
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  • FIIG Strategy - Understanding USD High Yield Bonds

    Jun 13, 2019
    The Australian bond market is faced with an insatiable demand currently, as bonds are maturing or being called, dwindling new issuance is limiting additional supply and there’s a thirst for yield. The liquidity and depth of the large USD high yield (HY) bond market is where savvy investors are looking to for opportunities, and for good reason, as we further explore.
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  • Zenith Energy, SBS Bank & StockCo

    Jun 11, 2019
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  • Axsesstoday – Update on administration and sale process

    Jun 07, 2019
    Deloitte, the voluntary administrator of Axsesstoday, provided an update on the current sale process. Indicative offers have been received in late May from parties interested to buy part or all of the company. It is expected that binding offers will be submitted in early July.
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  • Rockpoint 4Q19 Results June 2019

    Jun 07, 2019
    On 31 May 2019, independent gas storage operator, Rockpoint Gas Storage, released its fourth quarter and full year 2019 (ending 31 March 2019) results. Overall, the results were very solid, with total realised revenues of USD176.49m for FY19 comparing favourably with USD137.63m in FY18. Adjusted EBITDA improved to USD112.1m, up USD34m from USD78.1m in FY18.
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  • SCT Logistics New Issue Report

    Jun 07, 2019
    SCT Logistics New Issue Report.
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  • FIIG Strategy - Bond rally to continue as RBA signals further rate cuts

    Jun 06, 2019
    The RBA has cut the overnight cash rate (OCR) to the lowest level in history. With more rate cuts on the way and bond prices likely to rally further, we believe it is time for investors to start adjusting their expectation to a lower yielding environment
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  • Novacare Solutions Partnership

    Jun 04, 2019
    The Novacare Solutions Partnership consists of Novacare Solutions Trust and Novacare Health Solutions Trust (Novacare). Novacare, together with Novacare Services Pty Ltd contracted with the NSW Department of Health (NSW Health) to design, build, refurbish and maintain various facilities at the Mater Misericordiae Hospital (Mater Hospital), in Newcastle. NSW Health’s obligations under the PPP contract are guaranteed by the New South Wales State Government (State).
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  • Rackspace Hosting, Inc. announces 1Q19 results

    Jun 04, 2019
    On 30 May 2019, Rackspace Hosting, Inc. reported 1Q19 results for the quarter ended 31 March 2019. Although the Company reported a net loss of USD56.9m, EBITDA has begun to normalise following on from the Datapipe acquisition. Further, the Company recorded its third consecutive quarter of free cash flow growth.
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  • DirectBond Filter List June Update

    Jun 03, 2019
    The June 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • Armour Energy, Aroundtown, Frontier Communications and W.A. Stockwell

    Jun 03, 2019
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  • FIIG Strategy - Understanding Covenants - May 2019

    May 31, 2019
    Covenants are a key line of defence for bondholders, especially when investing in unrated or sub investment grade bonds. They act to align the interests of both the issuer and the bondholders and serve as a layer of protection well ahead of any potential payment default. Here we look at the different covenants and how they work.
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  • FIIG Strategy - New DirectBond - Hunt Companies Inc

    May 30, 2019
    The newest addition to FIIG’s USD DirectBond list is a high yield (HY) opportunity issued by Hunt Companies Inc., offering an attractive yield above 6.60%pa. The sub investment grade bond is an ideal inclusion in a well-diversified portfolio for wholesale investors.
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  • Talen Energy: Company Update

    May 29, 2019
    We provide an update to holders following the issue of USD750m of senior secured debt which was used to fund the cash tender of a number of tranches of Talen’s unsecured debt.
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  • CF Asia Pacific FY18 and 1Q19 Update May 2019

    May 24, 2019
    Over FY18, CFAP’s results were negatively impacted by drought in most of the agricultural regions in Eastern Australia (see further below). As a result, operating revenues were down 8.8% on the prior period, falling from AUD64.6m in FY17 to AUD58.9m in F18. EBITDA for FY18 was AUD33.7m, down 11.6% from FY17. Notwithstanding the negative impact of lower locomotive demand, CFAP’s revenue diversification strategy was beneficial in supporting the group while the leasing business has been affected due to the drought. We maintain our recommendation on CFAP’s 8.35% notes due 2020.
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  • Lucas TCS Update May 2019

    May 24, 2019
    Earlier this week, Lucas TCS reported its 3Q19 results which trailed those that the company had prepared for the Explanatory Memorandum dated 8 April 2019 as part of its recent circulation resolution that was passed on 1 May 2019. Following a conversation with the company, we need to engage further to understand the reasons for this underperformance and gain greater clarification on the earnings outlook for the remainder of FY19 and beyond. In light of this, we have placed our recommendation on Lucas TCS' 8.00% notes due 2022 Under Review as we are unable to assess the relative value of the Notes compared to peers. We will reinstate our recommendation once we have gained clarity of the earnings outlook.
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  • FIIG Strategy - What could a lower cash rate mean for investors?

    May 24, 2019
    The RBA has explicitly stated that it is open to cutting cash rates as early as June 2019, so what does this mean for fixed income investors?
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  • Ovato Ltd – Company Update

    May 21, 2019
    We provide and update following Ovato’s announcement of an equity capital raising. As a consequence, we have updated our FY19 guidance for the Company.
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  • NEXTDC Limited AUD 200m BBSW+3.75% Jun 2022

    May 20, 2019
    NEXTDC designs, develops and operates data centres in Australia. NEXTDC is an ASX200 company and is the only independent data centre operator with locations in Sydney, Melbourne, Brisbane, Perth and Canberra. The company was founded in 2010 and listed on the ASX later that year.
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  • NEXTDC Limited AUD 100m 6.00% Jun 2022 Senior Secured Notes

    May 20, 2019
    NEXTDC designs, develops and operates data centres in Australia. NEXTDC is an ASX200 company and is the only independent data centre operator with locations in Sydney, Melbourne, Brisbane, Perth and Canberra. The company was founded in 2010 and listed on the ASX later that year.
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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.