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FIIG Research

  • Bristow Update April 2019

    Apr 18, 2019
    On 15 April 2019, global aviation services provider Bristow announced it had obtained waivers on its covenants with certain secured lenders to further delay the release of its 10-Q quarterly report for the quarter ended 31 December 2018. Following the announcement, S&P downgraded the credit rating on both Bristow’s unsecured and secured notes and Moody’s also downgraded Bristow’s corporate family rating and the rating on its notes.
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  • FIIG Strategy - US HY - moderating risk in USD portfolios

    Apr 17, 2019
    With uncertainty and volatility set to continue for some US high yield credits, now is the time to be reviewing and diversifying this part of portfolios. The recent recovery in price allows holders to reduce some positions and de-risk their USD high yield portfolios.
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  • Privium Group AUD 8.50% 12-Feb-21 Senior Secured Amortising Notes Factsheet

    Apr 15, 2019
    Privium Group (Privium, Company – formerly Impact Group Aus Pty Ltd) was founded in 1996 and has grown to become one of Queensland’s largest residential home builders.
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  • FIIG Strategy - Downer launches new issue - April

    Apr 15, 2019
    Downer Group Finance (Downer) has launched a new fixed coupon AUD issue, with an indicative coupon of [3.75]%, maturing in 2026. It has priced tighter than recent peers, which reflects the strong demand for investment grade bonds in the current market environment.
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  • Elanor, Bank of Queensland, Pioneer Credit, Ensco and Bristow

    Apr 15, 2019
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  • FIIG Strategy - Ethical bond investments

    Apr 12, 2019
    The recently announced Woolworths green bond has opened up a discussion within the FIIG client base on ethical bond investments. Here we take a look at what’s on offer in this space.
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  • FIIG Strategy - Senior RMBS - AAA exposure without sacrificing yield

    Apr 10, 2019
    AAA rated senior tranches of Residential Mortgage Backed Securities (RMBS) provide superior return when compared to equivalent rated bonds and have the added benefit of natural risk reduction through amortisation.
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  • FIIG Strategy - Liberty - Structural Arbitrage

    Apr 09, 2019
    This opportunity will appeal to clients who are comfortable with the credit quality of Liberty Financial as an issuer but are looking for yield and ratings upside.
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  • Axsesstoday VA Appointment

    Apr 08, 2019
    Axsesstoday announced on 8 April 2017 that it had appointed Deloitte as voluntary administrator of the company. Although disappointing, this outcome is not unexpected in light of the lack of progress in resolving the breaches. We expect the administrator to start communicating with all creditors, including holders of the Junior Secured Notes, within the next fortnight.
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  • Axsesstoday ASX Release 7 March 2019

    Apr 03, 2019
    On 7 March, the trustee of Axsesstoday's Series II Notes and Subordinated Notes notified noteholders that the Company continues to be in breach of its obligations. As part of the notice, the trustee is calling a meeting of noteholders, to be held on 17 April 2019.
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  • Lucas TCS breach of covenant

    Apr 03, 2019
    On 7 March 2019, the trustee for the AUD65m 8% notes notified that one of Lucas’ financial ratios had failed to be met. No Noteholder action is required at this stage. Based on information currently available, we remain comfortable with the Company’s financial position as we understand the issues on the Cultana contract are not reflective of the broader performance of the Company.
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  • DirectBond Filter List April Update

    Apr 01, 2019
    The April 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • FIIG Strategy - Is your portfolio storm proof - extend duration

    Apr 01, 2019
    As uncertainty over the economic future grows, we look at longer dated investment grade bonds, which can protect portfolios in a downturn. We also track the strong performance of these bonds since we last discussed this strategy.
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  • The GEO Group Inc USD 5.125% 1-Apr-23 Senior Unsecured Notes Factsheet

    Apr 01, 2019
    Established in 1984, the Geo Group Inc. (GEO, Group) is a real estate investment trust (REIT) specialising in the ownership, leasing and management of correctional, detention and re-entry facilities. It also offers offender transportation services to government customers in the United States and internationally. Listed on the New York stock exchange, GEO currently has a market capitalisation of USD2.2bn.
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  • Peet Ltd AUD 6.75% 7-Jun-24 Unsecured Notes Factsheet

    Apr 01, 2019
    Peet Ltd (Peet, Company), founded in 1895 and listed on the ASX in 2004, is one of Australia’s largest pure-play listed residential land developers.
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  • Avon

    Apr 01, 2019
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  • Covenant Paper April 2019

    Apr 01, 2019
    Covenants and security, here to protect noteholders.
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  • FIIG Strategy - New Issue Alert - Woolworths New Green Bond

    Apr 01, 2019
    Woolworths has announced its intention to issue a potential inaugural AUD Green bond. Woolworths operates over 3,000 retail stores in Australia and New Zealand, including more than 1,000 supermarkets. It also operates BWS and Dan Murphy’s liquor stores as well as the Big W retail chain.
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  • IAG Limited AUD BBSW+2.10% 15-Jun-44 Subordinated Tier 2 Notes Factsheet

    Mar 28, 2019
    Insurance Australia Group Limited (IAG, Group) is the parent company of Australia’s largest general insurance group with controlled operations across Australia and New Zealand. It also maintains a minority interest in operations in Malaysia and India. The group provides personal and commercial insurance products through leading brands in both Australia (NRMA, CGU, RACV and SGIC, among others) and New Zealand. IAG is an ASX Top 30 company with a market capitalisation over AUD18.0bn. The Group’s annual gross written premiums are close to AUD12bn.
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  • FIIG Strategy - New Issue Alert - Downer

    Mar 28, 2019
    Downer Group Finance Pty Limited (Downer) has mandated Mizuho Securities, NAB and Westpac to organise investor meetings ahead of a new AUD denominated transaction. The bond will be issued by Downer and guaranteed by Downer EDI, the main operating entity.
    Full story

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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.