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FIIG Research

  • Elanor Wildlife Park Fund - June 2020

    Jun 09, 2020
    On 4 June 2020, Elanor Wildlife Park Fund (EWPF, Company) released its results for the period from 29 November 2019 (fund inception) to 31 March 2020. Results were considerably softer than forecasts as Featherdale Sydney Wildlife Park (Featherdale) and Mogo Wildlife Park (Mogo) were forced to close for extended periods of time due to severe Australian bushfires and measures to contain the spread of COVID-19.
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  • Pioneer credit Update - June 2020

    Jun 04, 2020
    On 4 June 2020, Pioneer Credit placed its share in trading suspension, citing continued progress on the refinancing of its senior debt facilities, which are currently subject to a standstill agreement expiring in mid July.
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  • Virgin Australia VA Update

    Jun 04, 2020
    On 2 June 2020, Deloitte, as administrator for Virgin Australia Holdings Limited (VAH), announced that it has shortlisted two parties in the current sale process that was initiated in late April (upon VAH entering voluntary administration). These two parties are Bain Capital and Cyrus Capital Partners. Given the very high profile nature of this process, there is significant media scrutiny and ongoing reporting, yet there remains limited reliable information available. As such, while we can only speculate on a number of matters being considered, we provide noteholders an update on where things stand.
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  • DirectBond Filter List

    Jun 04, 2020
    The June 2020 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • Lucas 3Q20 Update

    Jun 04, 2020
    Lucas TCS recently provided its quarterly investor update for the period ended 31 March 2020. The Company reported third quarter results that were below expectations and the forecasts provided as part of the circulating resolution in October last year. We provide an update to noteholders.
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  • Virgin Australia VA Update - June 2020

    Jun 03, 2020
    On 2 June 2020, Deloitte, as administrator for Virgin Australia Holdings Limited (VAH), announced that it has shortlisted two parties in the current sale process that was initiated in late April (upon VAH entering voluntary administration). These two parties are Bain Capital and Cyrus Capital Partners.
    Full story
  • Next Generation - May 2020

    May 20, 2020
    Next Generation Clubs Australia (Next Gen, Company) provided an update following recent Noteholder approval to, among other amendments and waivers, provide the Company with access to its Doncaster Escrow account. Despite some delays due to poor weather, construction at its Doncaster site continues.
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  • COVID-19 through the lens of Major Bank 1H20 results

    May 20, 2020
    In this note, we summarise the major bank financial results for the first six months of fiscal 2020 and take a closer look at the impact of COVID-19 on the outlook for bank provisions and capital, as some banks took the unprecedented step of deferring dividends.
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  • Rockpoint Gas Storage Results

    May 15, 2020
    On 13 May 2020, independent gas storage operator, Rockpoint, released its fourth quarter and full year (FY20) results for the period ended 31 March 2020. Overall, the results were poor with FY20 total realised revenues of USD93.5m, down 53% from the prior corresponding period (pcp).
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  • 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.
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  • 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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  • Ansett Aviation Training Update - April 2020

    May 01, 2020
    On 29 April 2020, Ansett Aviation Training (AAT, Company) provided an operational update. The decision in late March 2020 by the Civil Aviation Safety Authority (CASA) to place a moratorium on mandated pilot training hours has led to a decline in AAT's monthly income by over 80%. Consequently, the Company has implemented a range of measures including, but not limited to, temporary reduction of staff hours and negotiating payment deferrals and discounts with suppliers.
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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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  • Virgin Australia VA Process

    Apr 28, 2020
    On 20 April 2020, Deloitte was appointed administrator of Virgin Australia Holdings Ltd and a number of its subsidiaries.
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  • Virgin Australia VA Appointment

    Apr 21, 2020
    On 21 April 2020, against the backdrop of an evolving COVID-19 pandemic and unprecedented grounding of its fleet, Virgin Australia Holdings Limited (VAH, Company) announced that it had appointed Deloitte as administrators to the Company and a number of its subsidiaries. At this stage, Deloitte has taken control of most of the VAH business and have indicated that it will seek a recapitalisation of the business and have already received expressions of interest from a number of parties.
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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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  • Pioneer Credit Update - April 2020

    Apr 14, 2020
    On 14 April 2020, Pioneer Credit released an update on the proposed acquisition by Carlyle. In particular, Pioneer disclosed that Carlyle is alleging that Pioneer is in breach of a number of its obligations under its senior debt agreement as well as the scheme implementation agreement.
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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.
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