On the 3rd of May 2016 Peet Limited (ASX Code: PPC) announced a new issue, Peet Notes. The size of the offer is indicated at $75 million but will change based on demand. The purpose of this transaction is to help refinance the existing Peet 9.5% Convertible Notes (ASX Code: PPCG) while further diversifying and increasing the average maturity of Peet’s debt [...]
From a credit perspective, Mirvac's third quarter update offered no real surprises. The group's residential business seems to be offering the highest growth prospects as management have outlined a 25% increase in residential lot settlements is expected to be achieved by year end ($320 million of new sales in the third quarter). As a result, development EBIT (primarily involved in [...]
Westpac's reported statutory net profit was $3.7 billion (with cash earnings of $3.9 billion) for the first half 2016. This result was below market consensus and we expect operating conditions to remain difficult over the second half. For more information see our security recommendations below. Westpac Capital Notes (ASX: WBCPD). Click here. Westpac Capital Notes 2 (ASX: WBCPE). Click [...]
Next week sees bank reporting season for the 2016 half year. This begins on Monday 2nd May with Westpac, followed by the ANZ, NAB & Macquarie Group (reporting on the 3rd, 5th and 6th May respectively). Broadly speaking, the market is still expecting positive cash earnings and net profit after tax (NPAT) growth this reporting season. Net Interest Margins (NIM) [...]
As most of us know, the fixed income market is generally less liquid and transparent than equity markets. However, fixed income exchange traded funds (ETFs) can help bridge the gap between these asset classes. These ETFs cover a broad range of fixed income type securities. Some ETFs are issuer specific (i.e. corporate, government or semi-government Securities), coupon specific (i.e. fixed [...]
CLOSED: Woolworths Increases Loan to A$2b-Equiv. From A$1.2b (Source: Bloomberg) -- The Australian dollar tranches were upsized as 49 banks committed, according to people familiar with the matter, who are not authorized to speak publicly and asked not to be identified. Tranches: (A)A$700m 3Y revolver (B)A$965m 5.5Y revolver (C)$260m 5.5Y term loan Allocations: MLAs: ANZ: (A)A$11m (B)A$14m CBA: (A)A$11m (B)A$14m [...]
The first quarter of 2016 was a tale of two halves for the ASX listed hybrid universe. January started poorly as the Australian share market followed their global peers as a risk-off tone permeated the financial markets. ASX listed hybrids followed suit with corporate issued hybrids faring much worse than their bank issued peers. The risk-off tone continued into [...]
Over the past couple of years there has been increased focus on high yield securities as government bonds have fallen to all time lows. A portfolio of high yielding securities therefore requires an understanding of the different types of securities available. Investors have definitely moved up the risk spectrum into high yield bonds and/or hybrids. While we are not suggesting [...]
Trading margins for the majority of ASX listed notes (hybrids) of the four major Australian banks have been rising for most of the past year and a half, the low point being the 18th of August 2014 PERLS VII (ASX code: CBAPD) transaction issued at 280 basis points over swap. The peak in trading margins was reached on the 15th [...]
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 [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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© Sep 12, 2025Bond 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.
