Barminco Finance Pty Ltd is the wholly owned finance subsidiary of Barminco Holdings Pty Limited (Barminco). Headquartered in Western Australia, Barminco is a private Australian company operating in the global underground hard rock development and production contract mining industry.

AT&T Inc. is a diversified, global leader in telecommunications, media and entertainment, and technology. It executes in the market under four operating units.

Australia and New Zealand Banking Group (ANZ) is one of the four major banks in Australia and the largest banking group in New Zealand and the Pacific.

Australia and New Zealand Banking Group (ANZ) is one of the four major banks in Australia and the largest banking group in New Zealand and the Pacific.

Australia and New Zealand Banking Group (ANZ) is one of the four major banks in Australia and the largest banking group in New Zealand and the Pacific.

American Axle is a Tier one supplier to the automotive industry. American Axle is headquartered in Detroit and in addition to its locations in the United States (Michigan, Ohio and Indiana) they have offices and facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden and Thailand.

American Axle is a Tier one supplier to the automotive industry. American Axle is headquartered in Detroit and in addition to its locations in the United States (Michigan, Ohio and Indiana) they have offices and facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden and Thailand.

The new 10 year, non-call 5 year Tier 2 issuance from BEN is expected to meet strong demand as funds are invested ahead of year end. Its issue margin is wider compared to recent issuance, in line with moves in the sub debt space.

The yield of a fixed rate corporate bond is made up of two components, a base interest rate and a credit spread. Higher yield is generally commensurate with high risk. In this note we explore the components of yield and highlight some bonds that we think are good relative value across the yield spectrum.

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.

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.

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.

AMP’s recent Tier 2 issuance was priced attractively when it launched and remains so as it starts trading in the secondary market. At a spread greater than 3mBBSW+2.30% it offers strong relative value compared to peers, and in our view is an opportunistic buy.

The AMP group is Australia and New Zealand’s leading wealth management company, with an expanding international investment management business and a growing Australian retail banking business.

Lendlease released an announcement relating to a provision for its Engineering and Services Business, leading to the company cancelling its AUD500m bond issues.

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.

Review and recommendations on a number of Tier 2 subordinated notes issued by Australian banks and insurance companies.

Following Sprint’s improving 3Q18 results, our independent credit research provider, CreditSights, reaffirmed its Outperform recommendation. With the T-Mobile merger looking more likely, there is further price appreciation likely and presents an opportunistic entry point.

CBA announced a new hybrid last week. While the yield is attractive it’s worth noting hybrids are complex securities and do not offer the same investor protection as bonds. Here we assess the differences.