After a 39.4% decline in gaming revenue for the month of March and a 35% fall over the first 3 months of the year, the Gaming Inspection and Coordination Bureau of Macau reported a 38.8% year on year decline in gross gaming revenue in April, the 11th consecutive monthly decline. In the first 4 months of 2015, Macau's gross gaming [...]
Over the past week ANZ, NAB , WBC and Macquarie have all reported their half year results and CBA provided a quarterly update. The theme is consistent across issuers with cash earnings remaining strong (although below inflated expectations), asset quality remained relatively stable (with the exception of a couple of outliers) but the key theme has been an increase in [...]
BondAdviser is an independent investment research company that specialises in bonds and fixed income securities. We provide investors, advisers, brokers and institutions with research, data, education and tools to help them invest intelligently. Our service is delivered online via an easy-to-use portal. At BondAdviser, our goal is to lift the lid on the fixed income market so that more investors [...]
It’s been a quiet few weeks for the Primary Issue Market in the listed space whilst the traditional Wholesale Bond Market continues to see new issuances from repeat and first time issuers. The domestic banks have been very active, accessing funding in Europe over the past few weeks. Coming off the back of a period of volatility, we expect the [...]
There has been a definite drop in turnover this week with sellers beginning to back off and buyers returning to the asset class. Feedback I am receiving from our private bank clients suggests they are unsure where to invest their funds following the quite severe downturn in equities, negative press surrounding hybrids and cash rates continuing to decline. Those investors [...]
This week we have been focusing on a new tactical trade idea for Qantas. We are far from long-term buyers of the Airline sector but we think given the economic environment things might start to improve. A few months ago Qantas finally acknowledged that it has stopped flooding the market with spare capacity to maintain market share. This is positive [...]
The government bond and swap yield curves remain as flat as pancakes as the interest rate futures markets push out any expectation of a rate rise in coming years. This was echoed by Governor Stevens during the week when he said in a speech at the Economics Council “…we expect rates to remain lower for longer”. However, we do think [...]
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 [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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