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 [...]
Last week marked the unofficial kick-off to reporting season with Tabcorp (ASX: TAH) releasing its 2017 first half results on Thursday. Against the backdrop of a highly competitive wagering industry, the group reported a slightly weaker headline result which materialised into low-digit EBITDA growth (1.7%). The group also reiterated its commitment to its proposed merger with Tatts Group (ASX: TTS) subject [...]
Donald Trump’s first week in office did not disappoint his voters. The plans to build a dividing wall between Mexico and the US commenced, a temporary ban on travellers from specific countries was ordered and the US participation in the Trans-Pacific Partnership (TPP) was revoked. While protestors rebelled, US equity markets rallied as investor concerns surrounding execution risk on key [...]
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 [...]
On Friday, President Donald Trump was inaugurated as the 45th of President of United States. His speech asserted an “America first” approach to key policies that will include the US withdrawal from the transpacific partnership. Following the speech, there were some executive orders passed, including the repeal of Obamacare (the Affordable Care Act) and a halt to regulation which stops [...]
Last week, president-elect Donald Trump gave his first press conference since the election with markets anticipating insight into potential polices and reforms. Transparency was not forthcoming and as a result, equity markets were softer but finished the week broadly unchanged. Bond markets followed this disconcerted tone with the US 10-Year Treasury yield moving just -0.02 to 2.396%. Australian markets continue [...]
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 [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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