FIIG Research

  • Market update

    May 25, 2020
    Full story
  • Lucas Operational Update

    May 05, 2020
    Given the current situation and uncertainty around COVID-19, Lucas TCS provided an operational update further to the most recent update provided back in March.
    Full story
  • Peabody 1Q20 Results

    May 05, 2020
    On 29 April 2020, Peabody announced its results for the quarter ended 31 March 2020. Overall, the results were weak, 1Q20 revenues were USD846m, down from USD1.25bn in the prior corresponding period (pcp) reflecting the impact of lower volumes and challenged U.S. industry conditions, in conjunction with lower commodity prices, especially toward the end of the period. Peabody reported Adjusted EBITDA of USD36.8m, down approximately 85% from USD254.1m in the pcp.
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  • The dividend tide goes out

    Apr 30, 2020
    Investors are having to adjust to the riskier nature of equity investing as more and more companies reduce, cancel or defer dividends. Those with a truly diversified portfolio should however be cushioned from this loss in income, thanks to the regular cashflow from a low risk bond portfolio.
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  • Oil Prices & Oasis Petroleum - 23 April 2020

    Apr 28, 2020
    Since the middle of March, we have seen an unprecedented fall in oil prices. While the oil industry has lived through many booms and busts, never before have prices collapsed as they have this past week. The rapid and abrupt decline in demand resulting from the broad global shutdown of economic activity will create stress conditions for the world oil market, which is expected to peak in the second or third quarter of 2020. In this report we assess the impact of this oil price collapse on oil production companies and specifically Oasis Petroleum.
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  • SCT Logistics update - 23 April 2020

    Apr 28, 2020
    SCT Logistics recently provided its first half results for the period ended 31 December 2019 (1H20). 1H20 earnings were materially impacted by disruptions and cancellations resulting from events including bushfires, floods and derailments from other carriers over the period.
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  • The importance of portfolio diversification

    Apr 15, 2020
    The coronavirus induced volatility has really brought the importance of portfolio diversification to the forefront of investors’ minds. Now is the perfect time to assess both the make-up of your portfolio and risk exposure within the portfolio.
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  • RMBS market update

    Apr 09, 2020
    Like the broader corporate bond market, RMBS is also responding to market uncertainty. Structural support features and government assistance for borrowers will provide short-term support for the asset class.
    Full story
  • COVID-19: Airports and Airlines

    Apr 06, 2020
    We take a look at the impacts of COVID-19 and the resulting travel restrictions on airlines and airports globally
    Full story
  • Banking on a slowdown

    Apr 02, 2020
    In this note, we take a look at the health of the Australian banking sector and how it is positioned to absorb the invariable rise in credit costs as businesses shutter and unemployment rises.
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  • Investment grade bonds attracting attention

    Apr 01, 2020
    The primary bond market is showing signs of recovery, mainly in investment grade bond issuance as non-traditional investors move to relative safety of fixed income over equities.
    Full story
  • Lucas TCS - March update

    Mar 31, 2020
    Given the current situation and uncertainly around COVID-19, Lucas Total Contract Solutions (Lucas, Company) recently provided an operational update for the months of January and February.
    Full story
  • WA Stockwell Update - 18 March 2020

    Mar 25, 2020
    We provide an update following 1H20 results and settlement of Noosa Civic Shopping Centre
    Full story
  • Next Generation Update - 24 March 2020

    Mar 25, 2020
    We provide an update following government mandated shutdown of non-essential services.
    Full story
  • Sunland Group Update - 24 March 2020

    Mar 25, 2020
    We provide an update following recent results from Sunland.
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  • Bank bonds – an opportunity to increase IG exposure

    Mar 20, 2020
    The RBA’s QE announcement yesterday focused on ensuring flow of credit to businesses and households via ADIs. We think the lowering of funding cost for banks is a net positive for the institutions in the current challenging operating environment.
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  • The RBA goes unconventional

    Mar 20, 2020
    We look at the RBA’s latest series of decisions and implications.
    Full story
  • COVID-19 Update - Business As Usual for FIIG and its clients

    Mar 18, 2020
    Full story
  • Virgin Australia S&P Downgrade March 2020

    Mar 17, 2020
    On 16 March 2020, S&P Global Ratings (S&P) downgraded its corporate rating on Virgin Australia Holdings Ltd (VAH, Company) by two notches. At the same time S&P downgraded its rating on the Company's senior unsecured notes and affirmed the recovery rating on the notes. S&P placed VAH’s ratings on CreditWatch Negative. The rating action, which in and of itself wasn’t a surprise, is reflective of a view that the Covid-19 fuelled rapid deterioration in the international airline market has spread through to the Australian domestic market.
    Full story
  • Coronavirus and oil shock – impacts and strategy

    Mar 13, 2020
    The coronavirus, followed by the nascent oil price war, has been the largest shock that the most expensive equity markets since the Great Depression and lowest yielding bond markets in history has received.
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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.