The Short Term In March Australian sovereign debt delivered a 0.9% loss and was one of the worst performers among global debt markets. The 10-year government bond yield rose from 2.39% to a high of 2.70% and currently sits at 2.50%. As a result, Australia offers one of the highest 10-year yields among sovereigns that have a top grade credit [...]
People often forget the underlying differences between equity and credit. While stock selection is all about picking winners in the equity market, the goal of credit selection is to avoid losers. First and foremost credit is about getting your money back and being adequately compensated for the risk of not getting your money back. In many ways this is the [...]
CML today announced the proposed issue of new 6 year fixed rate notes paying 8.00% p.a. The proceeds will be used will assist in the acquisition of CashFlow Advantage and general corporate purposes. The group is seeking a minimum of $20 million from the deal and will not accept oversubscriptions of $25 million. The notes will be callable in March [...]
Payce have announced a proposed resolution to redeem the remaining $12.03 million Payce 9.50% 2018 notes outstanding. The outcome will be dependent on a vote by noteholders. If passed the notes will be redeemed by 108.50% of the outstanding principle of each note and all accrued interest to the 31 March 2016. If successful, the notes will be redeemed on the next [...]
Overnight Moody’s Investor’s Services downgraded BHP’s issuer rating by two notches from ‘A1’ to ‘A3’ and maintaining the outlook as Negative, completing a review that was initiated on 18th December 2015. Moody’s downgrade reflects recent weak results that have materially stressed BHP’s credit metrics relative to rating tolerances. Standard & Poor’s (S&P) downgraded BHP from ‘A+’ to ‘A’ with a [...]
Moody's Investors Service have downgraded the issuer rating and senior unsecured notes one notch leaving the outlook as negative. Standard & Poor's on the 28th February announced no immediate ratings impact from the Master's write downs and first half 2016 results, although the negative outlook on the group remains. As a result Woolworths now have a split rating difference of one [...]
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 [...]
Aurizon held its investor day on October 7th, at which it outlined its transformation program to deliver further cost reductions and productivity benefits totalling $310-$380m for the 3 fiscal years FY16 to FY18, which are crucial to achieve its target of delivering an Operating Ratio (OR) of 70% by FY18, ie an EBIT margin of 30% (versus an OR of 74.3% [...]
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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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