This week QBE Insurance Group Ltd was rumored to be arranging a series of investor meetings in Asia and Europe about a potential Tier 2 transaction. The question is why they wouldn’t tap the listed retail market? The answer is cost. The listed market continues to be an expensive avenue to issue regulatory capital for institutions, except where they can [...]
Apart from initiating coverage on the airports this week, we have focused our attention on the regulatory capital securities for the insurers (Suncorp Group and IAG). These securities (which are generally listed) experienced some significant volatility in late October following the rating downgrade by Standard and Poors and broad market selling. Our thesis on these securities remains the same – [...]
This week we added eligible securities from the domestic airports to our list. Brisbane, Perth, Melbourne and Sydney airports all have debt securities, which are accessible to retail and sophisticated investors. Broadly speaking, these are very stable businesses that are unlikely to face major earnings disruptions except for natural disaster events and/or terrorist events. The biggest risk is that they [...]
An employee-owned financial services provider focused on the Debt Capital Markets.
An employee-owned financial services provider focused on the Debt Capital Markets.
© Bond Adviser Pty Ltd ‧ ASFL 456783 ‧ ABN 31 164 148 467 ‧ Important Information
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
© Bond Adviser Pty Ltd ‧ ASFL 456783
ABN 31 164 148 467 ‧ Important Information
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
