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 [...]
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 [...]
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 [...]
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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 [...]
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