Multiplex SITES Update
We have updated our recommendation for Multiplex SITES (ASX: MXUPA). For subscribers to view the full report click here. To sign up for a free trial and get access to the report click here.
30
Mar, 2016
16
Mar, 2016
Understanding Credit Portfolios
People often forget the underlying differences between equity and credit. While stock selection is all about picking winners in the equity market, the goal of credit selection is to avoid losers. First and foremost credit is about getting your money back and being adequately compensated for the risk of not getting your money back. In many ways this is the [...]
15
Mar, 2016
Major Bank Tier 1 Hybrid Trading Margins
The first chart shows the move in trading margins over the past week: Whilst the rally in securities with an expected call date of less than a year has stalled a little, investors have continued to buy securities between two and three years to the expected call date; and Generally investors continued to ignore longer dated hybrids (i.e. hybrids [...]
8
Mar, 2016
CML Group to issue $25 million in fixed rate bonds
CML today announced the proposed issue of new 6 year fixed rate notes paying 8.00% p.a. The proceeds will be used will assist in the acquisition of CashFlow Advantage and general corporate purposes. The group is seeking a minimum of $20 million from the deal and will not accept oversubscriptions of $25 million. The notes will be callable in March [...]
8
Mar, 2016
Payce annouce resolution to redeem remaining bonds
Payce have announced a proposed resolution to redeem the remaining $12.03 million Payce 9.50% 2018 notes outstanding. The outcome will be dependent on a vote by noteholders. If passed the notes will be redeemed by 108.50% of the outstanding principle of each note and all accrued interest to the 31 March 2016. If successful, the notes will be redeemed on the next [...]
7
Mar, 2016
Major bank trading margins post the PERLSVIII announcement
As it has been almost 3 weeks since the CBA launched their PERLS VIII hybrid issue, now is an opportune time to have a look at how the existing Tier 1 hybrids have fared. The green arrows on Chart 1 highlights hybrids that have rallied over the last three weeks and their trading margins narrowed since the PERLS VIII issue announcement [...]
3
Mar, 2016
Moody’s Investor Services downgrades BHP Billiton by two notches, outlook remains negative.
Overnight Moody’s Investor’s Services downgraded BHP’s issuer rating by two notches from ‘A1’ to ‘A3’ and maintaining the outlook as Negative, completing a review that was initiated on 18th December 2015. Moody’s downgrade reflects recent weak results that have materially stressed BHP’s credit metrics relative to rating tolerances. Standard & Poor’s (S&P) downgraded BHP from ‘A+’ to ‘A’ with a [...]
3
Mar, 2016
Term Deposits – Past, Current & Future Trends
Summary of key points: Both margins and outright term deposit rates have fallen over the past two years; While the Bank Bill Swap Rate (BBSW) is expected to continue the declining trend following the Reserve Bank of Australia (RBA) official cash rate, any further lowering of outright rates on term deposits during 2016 may be offset by the banks potentially [...]
2
Mar, 2016
Moody’s cuts Woolworth’s issuer rating
Moody's Investors Service have downgraded the issuer rating and senior unsecured notes one notch leaving the outlook as negative. Standard & Poor's on the 28th February announced no immediate ratings impact from the Master's write downs and first half 2016 results, although the negative outlook on the group remains. As a result Woolworths now have a split rating difference of one [...]
28
Feb, 2016
