On the 23rd of February 2017, the Australian Office of Financial Management (AOFM) (which manages the country’s debt sales), sealed a record $11 billion government bond deal. This was just one month after it set the previous record issuance of $9.3 billion (January 2016). The AOFM confirmed the bond will have a coupon of 2.75% and was priced at a yield [...]
Along with most uranium miners, Paladin Energy (ASX: PDN) has faced increased pressure from decade-low uranium prices and over-supply of yellowcake (impure uranium oxide obtained during processing of uranium ore). With soft top-line growth and failure to sell a 24% stake of its flagship Langer Heinrich mine putting downwards pressure on its liquidity, the company has proposed a balance sheet [...]
Blockchain, the innovative approach to data management, has been the flavour of innovation for financial markets participants over the past year. So, what is blockchain technology? Blockchain is open-source digital-ledger technology that provides a secure way of making and recording transactions, agreements and contracts. However, rather than being kept in one place like a more traditional ledger book, the database [...]
In 2017, there are a number of major scheduled call dates and final redemptions in the ASX-listed Debt & Hybrid Market. While it is important to ensure that capital is paid back, many investors require a new investment vehicle to reinvest the repaid funds. For this reason, we have given our thoughts on potential refinancing for major securities scheduled to [...]
In a stress test of Eurozone’s biggest lenders carried out by ECB last year, UniCredit emerged as the sixth weakest bank in the region. In an effort to distance itself from Italy's prolonged banking crisis the Italian bank unveiled an “aggressive and immediate” approach to cut asset hangover and clean up its balance sheet in December 2016. After various disposals [...]
Consumer Credit Default rates in the US rose only slightly in December according to the S&P Experian Consumer Credit Default Indices released last week. The comprehensive composite index, which measures consumer default across a range of loan types, stood at 0.89% up 2.3% from the previous month but down 8% since December 2015. The managing director of the Index Committee at S&P Dow [...]
In 2016, hybrids rebounded strongly following a weak first quarter to finish the year up 9.2%. This was driven by tighter credit spreads as both institutional and retail investors showed particularly strong support for hybrids. This rally was primarily driven by technical factors due lack of new supply during the second half with a number of corporate issuers choosing to not [...]
Over the past few years, Emeco Holdings Limited (ASX: EHL) has been in financial distress. Post Australia’s mining boom (~2012), the mining equipment solutions provider was left with a large debt pile on its balance sheet and as a result, experienced a credit rating downgrades trifecta at the end of 2015. Subdued commodity prices persisted into 2016 and Emeco’s client [...]
In December, St Barbara (ASX: SBM) announced the US$20 million buyback of its Senior Unsecured Notes, effective 20 January 2017 (in addition to previous reduction of debt by ~US$100 million). This buyback is set to reduce the company’s future interest expense by A$2.4 million p.a., hence strengthening its overall net-cash position. The decision by the Australian-based gold producer and explorer was [...]
Last week was a mixed bag in terms of economic data. As expected, the RBA left the cash rate unchanged at 1.50% but a few days later, Australia recorded negative economic growth for first time since the Global Financial Crisis. GDP figures for the September quarter showed that the economy contracted by -0.5% against a median estimate of -0.1% which [...]
An employee-owned financial services provider focused on the Debt Capital Markets.
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.
