The debt and hybrid market has picked up steam over the past few weeks in terms of deal flow with Bank of Queensland, Australian Natural Proteins, Heritage Bank and SCT Transport all coming to market (note that these securities were all offered to wholesale investors only). But the US and European wholesale markets continue to be preferred options for borrowers of senior debt as price [...]
On 10 June 2015, Origin Energy held its investor day where management presented its strategy to improve returns in Energy Markets and its action plan for the entire company. It's four main priorities are: Improve returns in the energy markets businesses: In Energy markets (56% of the Group's EBITDA), as demand for gas is due to increase, notably for export [...]
The retail market has been fairly quiet over the past few weeks in terms of deal flow with Bank of Queensland and Australian Natural Proteins (high yield unrated transaction) being the only issuers worthy of note. The US and European wholesale markets continue to be preferred options for borrowers of senior debt as price and term options are more favourable there. With 27 days to go [...]
This week was a big week for AGL Energy, as it released its strategic road map ahead of a two-day investor briefing at AGL's Macquarie Generation power plants in the Hunter Valley. It was also the occasion for newly appointed CEO Andy Vesey to outline its plan on how to improve its return on funds employed and hopefully deliver sustainable earnings growth in [...]
S&P revised last week Goodman Group's outlook from Positive to Stable, while at the same time confirming its BBB long-term corporate credit rating. The change of outlook is due to the rating agency's assessment that Goodman's financial policy won't be as financially conservative and would be prepared to increase its look-through gearing to 40-45% in certain circumstances. The rating agency [...]
The chase for yield by self managed super funds has been well documented but despite the warnings by regulators, commentators and analysts about further changes to regulations, bank share prices continued to trade well above their long term average (on a price to earnings multiple basis). In a low interest rate environment this demand for yield is completely understandable, but dividends are purely a function of capital [...]
Over the past month we have witnessed a sell-off in the fixed rate bond market as the process of normalising long-term bond yields continues across the globe (this can be partially attributed to fears of deflation in Europe). However, over the past week the bond sell-off seems to have stalled as US economic data releases were patchy and Greek policy issues caused a slight flight to quality to bonds [...]
Last week the Australian Corporate Bond Company formally launched their Exchange Traded Bond Units ("XTBs") offering retail investors access to corporate bonds on the Australian Securities Exchange. This product will change the way investors participate in fixed income markets which were historically restricted to wholesale investors. Here is a list of XTB's available as at 19 May 2015: ASX Code Underlying Bond Underlying Issuer YTMAZJ [...]
The last two weeks have seen a severe decline in the price of bank shares, a steepening in the yield curve and a slight widening in Tier 1 regulated Bank hybrid securities. As an example CBA’s PERLS VII is off 6.5% from its issue price and the common equity is off 15% from its high ($96.30). This gives investors the following yield choices: CBA special deposit [...]
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
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