28
Feb, 2016
22
Feb, 2016
16
Feb, 2016
New Issue: PERLS VIII – Do Not Subscribe
New Issue: PERLS VIII - Do Not Subscribe On the 16th of February 2016 the Commonwealth Bank of Australia (CBA) announced a new transaction, PERLS VIII (Prospective ASX Code: CBAPE). The purpose of this transaction is to provide funding for the group but more specifically it will be treated as additional Tier 1 capital for regulatory purposes. The indicative size [...]
24
Jan, 2016
Australian Itraxx Index
Interactive Chart Below
21
Jan, 2016
Huge Credit Margins – an investment opportunity or not?
Equity markets volatility over recent months has crossed into bond markets with a ‘blowout’ in credit margins and significantly higher yields in both ASX listed and unlisted interest rate securities. Is this an opportunity for investors or should they stay on the sidelines? The most recent Tier 1 hybrid issues by the four major banks are trading at an average margin [...]
20
Jan, 2016
G8 Education – Reduces Leverage after failed bid for Affinity
G8 Education Limited has announced the early redemption of $155m of Singapore Dollar Notes. These notes will be redeemed on 29 February 2016. The purpose of issuing these notes was predominantly for the acquisition for Affinity Education which subsequently did not proceed. In our last update we reiterated that downside risks to investors comes from increased debt to fuel an aggressive acquisition program [...]
20
Jan, 2016
Dick Smith – A lesson in Credit.
Everyone has now heard the story of the collapse of Dick Smith and that there are more than 100 interested parties representing over 350 unsecured creditors, owed about $250 million. So what happened? On 4 January 2016, the board of directors of Dick Smith appointed Joseph Hayes, Jason Preston, William Harris and Matthew Caddy of McGrathNicol as voluntary administrators. Following this appointment, [...]
11
Jan, 2016
BondAdviser Ratesheet as at 11 January 2016
Click here to access the BondAdviser Ratesheet as at 11 January 2016.
11
Jan, 2016
Goldman Contrarian Joins Chorus Warning on Bond-Market Liquidity
Wire: Bloomberg News (BN) Date: Nov 11 2015 8:35:30 Goldman Contrarian Joins Chorus Warning on Bond-Market Liquidity By Cordell Eddings (Bloomberg) -- Add Goldman Sachs Group Inc.’s chief credit strategist to the list of market participants concerned about bond-market liquidity. Charles Himmelberg joined the chorus as the inventory of corporate bonds held by the Federal Reserve’s 22 primary dealers fell below zero last week for the [...]
23
Nov, 2015
Buy recommendation on Qantas bonds confirmed
Last week Standard and Poors announced the upgrade of Qantas' credit rating and its long awaited return to Investment Grade. This is a significant achievement given the overall slowdown of the Australian economy and is something which has been years in planning. As stated in our previous research notes, following weak FY14 results Qantas' management launched a thorough, all-encompassing transformation program which aimed to streamline the company [...]
