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FIIG Credit Research

Exclusive news and research content for FIIG clients.

  • Australian QE

    Sep 18, 2019
    In this report, we review the current monetary policies and tools available to the Reserve Bank of Australia and how they may impact investors and the broader financial markets.
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  • Maurice Blackburn FY19 Results

    Sep 17, 2019
    Maurice Blackburn reported stronger FY19 results on the back of increased revenue from its Class Actions operating segment.
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  • Lucas TCS – Notice of breaches

    Sep 13, 2019
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  • Sunland FY19 Results

    Sep 13, 2019
    Sunland reported softer FY19 results on the back of headwinds in the property market and a subdued residential housing market.
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  • CML announces Classic Funding Acquisition

    Sep 11, 2019
    On 10 September 2019, CML announced it had agreed to acquire Classic Funding Group, an Australian, privately owned company with over 25 years’ experience in providing equipment finance and invoice discounting.
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  • Mallinckrodt

    Sep 09, 2019
    On 5 September 2019, Bloomberg reported that Mallinckrodt PLC (Mallinckrodt, Company) has hired restructuring advisers. The hiring comes as Mallinckrodt looks to navigate near-term maturity and financial uncertainty from opioid litigation. The Company is currently exploring all strategic options, including filing for Chapter 11 bankruptcy protection.
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  • CFAP 1H19 Results

    Sep 05, 2019
    On 5 September 2019, CF Asia Pacific Group Pty Ltd (CFAP, Company) released its quarterly results for the period ending 30 June 2019.
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  • DirectBond List 2019 updates

    Sep 03, 2019
    The September 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • Pioneer Credit Limited

    Sep 02, 2019
    Share Trading Suspension Extended
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  • Next Generation Clubs 1H19 Results

    Aug 29, 2019
    Next Generation (Next Gen, Group) reported 1H19 results which were noticeably softer than 1H18, as revenue, EBITDA and NPAT were all affected by the lower membership count stemming from the sale of Perth South. In addition, the construction of the new Doncaster club continues to be delayed. As a result, we revise our recommendation on the Group's 7.90% senior secured notes due June 2023 due to our view of limited price upside in the near term.
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  • Virgin Australia FY19 Results

    Aug 29, 2019
    On 28 August 2019, Virgin Australia (VAH) reported its full year results for the period ended 30 June 2019, reporting an underlying loss before tax of AUD71.2m reflecting the impact of adverse market conditions in 2H19.
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  • AMP Limited Credit Rating Update

    Aug 28, 2019
    On 27 August 2019, rating agency Standard & Poor’s lowered its ratings on AMP Limited and its debt securities. Despite the lower rating, with a prospect for a further downgrade within the next 12 months or so, we remain comfortable with the with the credit profile of the continuing operations.
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  • IMF Bentham Limited – FY19 loss, but recent case wins augur well for FY20

    Aug 26, 2019
    IMF recently released their FY19 results, with the company reporting a net loss after tax of AUD(36.1m). Despite the loss, a number of cases settled around the end of financial year or shortly thereafter, that are expected to be resolved in the coming months, generating revenue in excess of AUD110m.
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  • CML Group Ltd – Strong FY19 results, broadly in line with guidance

    Aug 26, 2019
    CML recently released their FY19 results, with the company reporting an unaudited net profit after tax of AUD8.4m, up 164% on the prior corresponding period.
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  • Adani Abbot Point Terminal FY19 Results

    Aug 23, 2019
    Adani Abbot Point Terminal (AAPT) reported solid results for the full year ended 31 March 2019, increasing the amount of coal handled to 28.8 million tonnes over the course of the year. In FY19, AAPT reported EBITDA of AUD185.5m, slightly lower than FY18. Despite the lower EBITDA, the 12-month cash flow cover ratio reached 2.24x at FYE19 due to lower interest costs. We provide an update on our recommendations on AAPT's AUD notes due 2020 and USD notes due 2022.
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  • Lucas TCS Update August 2019

    Aug 21, 2019
    We provide an update to noteholders on the progression of ongoing discussions with Lucas following our credit update dated 26 June 2019. Our recommendation on Lucas’ notes due 2022 remains unchanged.
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  • ME Update August 2019

    Aug 19, 2019
    Merredin Energy reported 4Q19 and FY19 results were in line with our forecasts, reflecting the predictability of Merredin Energy’s cash flows. Revenues for the quarter and full year came in at AUD2.8m and AUD10.8m, respectively. Merredin Energy reported EBITDA of AUD2.2m in 4Q19 and AUD8.3m for FY19, both marginally ahead of our forecasts. We maintain our recommendation on Merredin Energy’s notes due 2022
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  • Sydney Airport 1H19 Results

    Aug 16, 2019
    On 15 August 2019, SYD reported robust first half results for the period ended 30 June 2019. Revenues for the period were AUD797.1m, a 3.4% increase on the prior corresponding period. EBITDA came in at AUD649.2m, a 4.1% increase on 1H18, primarily underpinned by in a 1.9% increase in international passenger numbers.
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  • Frontier Communication Rating Update

    Aug 15, 2019
    Moody’s downgrade its rating on Frontier Communications. The outlook on the rating remains negative.
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  • Dean Foods Update

    Aug 15, 2019
    On 6 August 2019, Dean Foods Company (Dean Foods, Company) announced soft 2Q19 results. Dean Foods reported accelerated declines in revenue, EBITDA and a net loss. Operational and industry headwinds continue to hamper the Company, which expects to be a net user of cash in FY19. We provide an update of Dean Foods' performance and the Company's prospects moving forward.
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