August 11th, 2015: Transurban published strong FY15 results in regards to equity but weak credit-wise, on the back of strong traffic growth (average daily traffic growth of 5% across assets) and increased toll revenues (proportional toll revenue growth of 39.6% and 10.7% when excluding acquisitions and impact of 95 Express Lanes), helped by acquisitions and consolidation of the US business. [...]
Earnings CBA reported statutory net profit of A$9.063 billion (cash earnings of A$9.137 billion) for the full year 2015 (up 5% on the year) which was broadly in-line with market expectations. The result continues to be underpinned by the market leading cost to income ratio (42.8%), stable net interest income (albeit there was some weakness in the net interest margin [...]
On 10 August 2015 Silver Chef Limited announced to the ASX the signing of a new $300m syndicated banking facility provided by ANZ, Bank of Queensland, CBA, HSBC and Westpac, which will provide a staggered debt maturity profile over 3 and 5 years. At the same time, the company announced the early redemption of its FIIG originated bond (8.50% Fixed Rate [...]
In its third quarter trading update NAB provided an update on its strategy but nothing that materially changed our view on them as an issuer. The capital planning questions were largely covered with the recent capital raising (core tier 1 ratio stood at 9.94% and we expect a ~0.50% increase post the sale of GWB and the NAB Wealth reinsurance placement) but the UK exit [...]
Reporting season kicked off this week with Suncorp, Genworth and Bendigo Bank being the primary issuers of note. Expectations of this reporting season are variable with the investment community focusing on the banks reaction to new capital rules and bulk commodity / energy producers reaction to volatile swings in commodity prices. Suncorp produced a solid set of results as Partick Snowdon announced farewell [...]
ANZ announced today a fully underwritten institutional share placement to raise $2.5billion and a shareholder share purchase plan to raise around $500 million. The reason behind this capital raising is in response to the FSI recommendations and what ANZ describes as a "surprise" to an "accelerated timetable" of the change to risk weights on residential mortgages. This capital raising is not unexpected [...]
Earnings On 5 August 2015 Genworth Mortgage Insurance Australia Limited delivered its 1H 2015 result delivering a gross written premium (GWP) of $285 million, down 9% on a proforma basis as a result of low mortgage originations in the high LVR sector. Turning this into profit, the group experienced a net earned premium (NEP) of $265.7 million, up 3.7%. This was broadly in-line with [...]
Group Earnings Suncorp Group reported a full year 2015 cash earnings of $1,191m, down 8.7% from $1,304 million. This result was broadly in-line with market expectations despite the financial impact of the group’s worst year of natural hazard events which saw the allowance of $595m dwarfed by the final net impact of $1,068m. Headline numbers look solid but the composition of core earnings is [...]
Fear has set into all risk markets in the past week as the possibility of Greece not fulfilling its obligations (note the difference from defaulting which according the Credit Rating Agencies is reserved for private creditors) became a reality. All markets have suffered but as you would expect in a flight to quality scenario the further down the capital structure you are [...]
Over the past few months there has been a significant amount of press about a “global bond market rout”. While this topic is justified it is isolated to certain product types (i.e. fixed rate bonds), so what might seem risky to some is not risky to others. For this reason we believe it is critical for Australian income investors to [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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ABN 31 164 148 467 ‧ Important Information
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