Nicholas Yaxley - Bond Adviser

In 2016, hybrids rebounded strongly following a weak first quarter to finish the year up 9.2%. This was driven by tighter credit spreads as both institutional and retail investors showed particularly strong support for hybrids. This rally was primarily driven by technical factors due lack of new supply during the second half with a number of corporate issuers choosing to not [...]

11 Jan, 2017

Industry Risk Hits Emeco

By Nicholas Yaxley|2017-01-11T01:58:52+11:00Jan 11, 2017|Case Study|

Over the past few years, Emeco Holdings Limited (ASX: EHL) has been in financial distress. Post Australia’s mining boom (~2012), the mining equipment solutions provider was left with a large debt pile on its balance sheet and as a result, experienced a credit rating downgrades trifecta at the end of 2015. Subdued commodity prices persisted into 2016 and Emeco’s client [...]

11 Jan, 2017

Turnaround on Track at St Barbara

By Nicholas Yaxley|2017-01-11T00:15:43+11:00Jan 11, 2017|Case Study|

In December, St Barbara (ASX: SBM) announced the US$20 million buyback of its Senior Unsecured Notes, effective 20 January 2017 (in addition to previous reduction of debt by ~US$100 million). This buyback is set to reduce the company’s future interest expense by A$2.4 million p.a., hence strengthening its overall net-cash position. The decision by the Australian-based gold producer and explorer was [...]

10 Jan, 2017