Both the share price and subordinated notes have recently experienced a rebound in their price: The share price has recovered from $8.99 on September 30th to above $12 currently; Crown Subordinated Notes are trading back above par ($100) after having reached a low of $98 on 15 September 2015; Similarly Crown Subordinated Notes II are trading back at $93, after having reached a [...]
Credit markets were partially open last week but not particularly active and investor confidence was low due to continuing stock market volatility. It is difficult to gauge investor confidence at present, but press reports over the weekend that BHP Billiton was postponing their hybrid capital raising to global investors as a result of weak credit markets suggests institutional confidence in the credit markets is low. It is our understanding that no decision [...]
We know the listed debt and hybrid market in Australia is dwarfed by the wholesale (over the counter) debt market but the 2015 Australian Financial Markets Report released this week just confirms the reality. Below is a chart plotting the physical cash turnover (that is the cash secondary market turnover) of the two markets. It looks as though the listed market doesn't exist [...]
Wednesday 7 October 2015 File attached: 061015_BondAdviser_PR_Cap Raising_FINAL Independent fixed income research house BondAdviser today announced it has successfully closed its first capital raising to fund business growth. The offer was supported by a number of high-net-worth private investors connected to the financial services industry. BondAdviser Managing Director and Co-Founder, Geoff Malkin, said people familiar with bond markets understand the [...]
SMSF investors wont be happy this week as the proxy income giant Commonwealth Bank share price closed on Friday ($71.44) below the $71.50 retail entitlement price and hit a low of $70.15 before recovering to ~$73 as we write. There are a number of factors driving this sell off including a gloomy economic outlook for the region, increased capital and liquidity [...]
On 30 September 2015 Origin Energy Limited finally gave in to pressure to stabilise its balance sheet following a collapse in Oil / LNG prices and a deterioration in the operating business. The group has announced a series of capital initiatives to improve the credit metrics of the group but more importantly start a process to remove any reliance it [...]
Last week Nufarm reported pleasing full year 2015 results with underlying profit of $104.8m. EBITDA was up 18% to $317 million and revenue increased ~4%. Higher debt levels meant credit metrics remained broadly stable with net leverage decreasing slightly to to 1.7x. Revenue growth was driven by higher sales of herbicides and fungicides in particular, offsetting a decline in sales from insecticides. From a demographic [...]
The ASX200 has bounced 300 points off its intraday low (4928) as markets absorb the extreme volatility over the past week and look for clarity and confidence in Chinese markets. China's PBOC moved on Tuesday night to rate cuts by 0.25% (one year lending rate to 4.6% and deposit rate to 1.75%) and the Required Reserve Ratio down 0.50%. There [...]
Earnings Sales momentum has stalled in the key retail annuity sales product (ex-CARE) up only 5% on the year. The second half of the year was particularly weak with retail annuity sales growth being negative. This is the lowest growth in 3 years and suggests that the low interest rate environment is forcing retirees to take more risk in order [...]
CCA published a solid set of 1H15 results, which were slightly ahead of market expectations (albeit expectations were low following recent events) with EBIT flat at $316.9m (vs $316.7m 1H14). While trading revenue was up 4.9% to $2,449.7m, adjusted EBITDA (before significant items) was only marginally up (1.3%) to $453.9m as margins dropped from 19% to 18.3%. By division: Australia (55% of trading revenue): EBIT declined [...]
An employee-owned financial services provider focused on the Debt Capital Markets.
An employee-owned financial services provider focused on the Debt Capital Markets.
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ABN 31 164 148 467 ‧ Important Information
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
