On Friday the 6th July 2016 Macquarie Group Ltd (MQG) reported a statutory net profit after tax of $2.06 billion for the full year (FY16). This result was slightly ahead of market consensus and up 29% since FY15. Macquarie Group Limited (MQG) is a unique issuer in the domestic landscape and is self-regulated in its own unique manner. From a [...]
National Australia Bank reported a headline statutory loss of $1.4 billion primarily due to the UK Clydesdale Bank (CYBG) demerger. Cash earnings were $3.3 billion, up 6.5% compared to the prior corresponding period. Excluding one-offs totalling $5 billion, the statutory net profit was $3.3 billion. We are comfortable with the current CEO’s (Andrew Thornburn) strategy of shifting towards a capital [...]
ANZ reported statutory net profit of $2.7 billion (cash profit of $2.8 billion) for the first half 2016 down 22% & 24% respectively over a 12 month period. 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. ANZ Capital Notes (ASX: ANZPD). Click [...]
In its third quarter update, Goodman Group reaffirmed its full year guidance. During the quarter, Goodman successfully attained 100% ownership of the operating platform in Brazel from WTorre. Despite recent headwinds, the group remains committed to Brazil as management believe that the warehouse market is oversupplied and middle class population growth remains strong. Goodman experienced growth in external asset [...]
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 [...]
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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
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
