FIIG - The Fixed Income Experts

FIIG Research

  • Genworth - AUD BBSW+3.50% Jul 2025 Subordinated Tier 2 Notes

    Jul 25, 2019
    Genworth Financial Mortgage Insurance Pty Ltd (the Issuer) is a wholly owned subsidiary of Genworth Mortgage Insurance Australia Limited (GMA).
    Full story
  • StockCo - AUD 8.75% Oct 2022 Unsecured Notes

    Jul 25, 2019
    StockCo is an Australian niche provider of a specialty agricultural finance product tailored to fund the “finishing” phase of livestock’s growth.
    Full story
  • Moneytech - BBSW+4.65% Apr 2022 Subordinated Notes

    Jul 25, 2019
    Moneytech was founded by CEO Hugh Evans and has operated in Australia since 2003, offering technology-driven trade and debtor finance to small and medium businesses. Moneytech’s customers come from a diverse range of industries, however, are focussed in the wholesale distribution sectors.
    Full story
  • IMF Bentham - AUD 7.40% Jun 2020 Secured Notes

    Jul 25, 2019
    Established in 2001, IMF Bentham Limited is the largest litigation funder in Australia and the first to be listed on the Australian Securities Exchange (ASX code: IMF). IMF has a market capitalisation of approximately AUD632m as at 7 February 2019.
    Full story
  • Auswide Bank - AUD BBSW+3.20% Jun 2029 Unsecured Subordinated Tier 2 notes

    Jul 25, 2019
    Auswide Bank Ltd. (ABA) is a small ASX-listed bank that provides retail banking services across Australia.
    Full story
  • Westpac - USD 4.421% Jul 2039 Unsecured Subordinated Tier 2 Notes

    Jul 25, 2019
    Westpac Banking Corporation (Westpac) is one of the four major banks in Australia in terms of market capitalisation and customers. Westpac is one of the top five companies on the ASX by market capitalisation (AUD98.97bn as at 1 July 2019).
    Full story
  • Westpac - USD 4.110% 24-Jul-34 Subordinated Tier 2 Notes

    Jul 25, 2019
    Westpac Banking Corporation (Westpac) is one of the four major banks in Australia in terms of market capitalisation and customers. Westpac is one of the top five companies on the ASX by market capitalisation (AUD98.97bn as at 1 July 2019).
    Full story
  • FIIG Strategy - 2019 Mid-Year Update for Investors

    Jul 19, 2019
    As we kick-off the new financial year, it’s timely to look back at market conditions over the first half of 2019 and consider how best to adjust portfolios for the remainder of the year.
    Full story
  • AMP Life Sale Update

    Jul 19, 2019
    On 15 July 2019, AMP Limited announced that the transaction for the sale of its insurance operations was unlikely to proceed. Although the equity markets reacted negatively to this development, we view the recent capital implications as overall positive for creditors and remain comfortable with the credit profile of AMP.
    Full story
  • FIIG Strategy - New Issue Alert - ANZ AUD 10NC5 Tier 2 Note

    Jul 18, 2019
    ANZ has announced its intention to issue an AUD denominated, floating rate, 10-year non-call 5-year (10NC5) Tier 2 subordinated note.
    Full story
  • FIIG Strategy - New Issue Alert - Westpac Tier 2

    Jul 16, 2019
    Banking giant, Westpac, has launched a dual tranche USD-denominated Tier 2 subordinated note. This would be the first Tier 2 issuance since APRA’s announcement that Australia’s four major banks are required to significantly increase their Tier 2 capital over the next four years.
    Full story
  • NEXTDC - Updated Recommendations

    Jul 12, 2019
    We provide updated recommendations on NEXTDC Limited's (NEXTDC, Company) fixed and floating rate notes. These changes are driven by movements in prices of the various notes, rather than as a result of changes to our view of the Company's creditworthiness.
    Full story
  • FIIG Strategy - The New Normal - Low rates are here to stay

    Jul 11, 2019
    Following the RBA’s back-to-back rate cuts at its June and July meetings, it’s time to settle into the fact that low interest rates are here to stay. With the official cash rate at a record low 1.00%, we look at strategies to optimise investor returns on fixed income portfolios.
    Full story
  • Bank of Queensland - AUD BBSW+3.40% May 2026 Subordinated Tier 2 notes

    Jul 10, 2019
    Bank of Queensland Ltd (BOQ) is an ASX-listed regional bank that provides banking, financial services and insurance products, mainly to retail, SME and commercial clients.
    Full story
  • Bank of Queensland AUD BBSW+1.85% May 2028 Subordinated Tier 2 notes

    Jul 10, 2019
    Bank of Queensland Ltd (BOQ) is an ASX-listed regional bank that provides banking, financial services and insurance products, mainly to retail, SME and commercial clients.
    Full story
  • Mackay Sugar Update

    Jul 08, 2019
    Following completion of the sale of the Mossman mill, Mackay Sugar has scheduled the shareholders vote to 29 July 2019 which, if approved, will be the final step in the proposed recapitalisation of the company by Nordzucker. If this was to occur, we expect the notes to be redeemed no later than 30 August 2019.
    Full story
  • FIIG Strategy - New DirectBond - Western Digital Corp.

    Jul 05, 2019
    Western Digital Corp.’s 2026 maturity USD bond is the latest addition to FIIG’s DirectBond list. Rated one notch below investment grade (IG), it offers an attractive risk-return for investors seeking USD credit exposure with yield in excess of 4.50%pa.
    Full story
  • Western Digital USD 4.75% 15-Feb-2026 Senior Unsecured Notes

    Jul 05, 2019
    Western Digital Corporation (Western Digital, Company) is a leading developer, manufacturer and provider of data storage services and solutions.
    Full story
  • Plenary Update July 2019

    Jul 05, 2019
    We have downgraded our recommendation on Plenary Bond Co 6.50% notes due 2024 (Notes) due to recent price action and further yield compression. We believe the Notes now offer limited value compared to peers. Our credit outlook on the Notes remains Stable.
    Full story
  • Merredin Energy Update July 2019

    Jul 03, 2019
    Given the recent price action, and further yield compression due to the relative proximity of the next call date and current trading price well above the call price, we have downgraded our recommendation on Merredin Energy's 7.50% notes due 2022 (Notes). Our credit outlook on the Notes remains Stable.
    Full story

Copyright © 2019 FIIG Securities Limited | ABN 68 085 661 632 | AFSL No 224659 | Financial Services GuideSitemap | About us
FIIG provides general financial product advice only.  For a copy of our disclaimer please refer to fiig.com.au/disclaimer
* 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.