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 [...]
Interactive Chart Below
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 [...]
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 [...]
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, [...]
Click here to access the BondAdviser Ratesheet as at 11 January 2016.
As investors return from the holiday season they will be keen to understand what has happened in financial markets over the past few weeks to cause a ~380 point decrease (~7.1% drop from 30 December 2015 to today) in the ASX200. On the other hand the Bloomberg AUSBond Composite Index is broadly flat over the same period. While we acknowledge [...]
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 [...]
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 [...]
Lenders forced to stockpile more debt by regulation changes Swap spreads narrowing worldwide, some have inverted By Candice Zachariahs (Bloomberg) -- Australian banks face increased risks as regulations forcing them to stockpile more sovereign and state government bonds threaten to wreck their hedging strategies. Banks in Australia held about A$178 billion ($126.6 billion) in sovereign and state government debt in June, [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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