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  • EQM Midstream 2Q20 Results

    Aug 06, 2020
    On 5 August 2020, natural gas pipeline owner & operator, Equitrans Midstream Corporation (parent of EQM Midstream Partners; ETRN, Company) announced its second quarter results for the period ended 30 June 2020. The Company posted revenues and adjusted EBITDA of USD341m and USD263m, respectively. Operating revenue for the second quarter was USD66m lower than the prior corresponding period, primarily due to the impact of deferred revenue in 2Q20 and partially offset by increased revenue from higher minimum volume commitments (MVCs) on gathering and water contracts.
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  • Oasis Petroleum 2Q20 Results

    Aug 06, 2020
    On 5 August 2020, Oasis Petroleum Inc. (OAS, Company) reported its second quarter (2Q20) results for the period ended 30 June 2020. Overall, the results reflect the extremely challenging operating environment OAS has experienced since the oil price crashed in mid-March. Total revenues and adjusted EBITDA for 2Q20 were USD166m and USD174m, respectively. Adjusted EBITDA was higher than reported revenues due to a large positive contribution from derivative settlements.
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  • Peabody 2Q20 Results

    Aug 06, 2020
    On 5 August 2020, Peabody Energy Company (Peabody, Company) announced its second quarter results for the period ended 30 June 2020. Overall, the results were weak (although not unexpected), 2Q20 revenues were USD627m down 45% on the prior corresponding period (pcp), reflecting the impact of a decrease in volumes in the Powder River Basin compounded by challenging U.S. industry conditions and weak commodity prices, in conjunction with lower gas prices which drives higher electricity generation from gas rather than coal.
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  • Victoria Stage 4 Restrictions --- What do they mean?

    Aug 04, 2020
    On 3 August 2020, the government of Victoria announced a range of new restrictions to combat the spread of COVID-19 in the state. In this report, we undertake an initial preliminary assessment of what these mean for a number of companies.
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  • Emeco FY20 Results

    Jul 29, 2020
    On 27 July 2020, Emeco Holdings Limited (Emeco) released its full year results for the period ended 30 June 2020 (FY20). Overall, the results were solid, owing in part to the contribution of recent acquisitions. Emeco reported revenue and EBITDA of AUD540m and AUD246m, respectively, both were up about 15% on the prior year.
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  • Virgin Australia VA Update

    Jun 04, 2020
    On 2 June 2020, Deloitte, as administrator for Virgin Australia Holdings Limited (VAH), announced that it has shortlisted two parties in the current sale process that was initiated in late April (upon VAH entering voluntary administration). These two parties are Bain Capital and Cyrus Capital Partners. Given the very high profile nature of this process, there is significant media scrutiny and ongoing reporting, yet there remains limited reliable information available. As such, while we can only speculate on a number of matters being considered, we provide noteholders an update on where things stand.
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  • DirectBond Filter List

    Jun 04, 2020
    The June 2020 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • Lucas 3Q20 Update

    Jun 04, 2020
    Lucas TCS recently provided its quarterly investor update for the period ended 31 March 2020. The Company reported third quarter results that were below expectations and the forecasts provided as part of the circulating resolution in October last year. We provide an update to noteholders.
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  • COVID-19 through the lens of Major Bank 1H20 results

    May 20, 2020
    In this note, we summarise the major bank financial results for the first six months of fiscal 2020 and take a closer look at the impact of COVID-19 on the outlook for bank provisions and capital, as some banks took the unprecedented step of deferring dividends.
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  • Lucas Operational Update

    May 05, 2020
    Given the current situation and uncertainty around COVID-19, Lucas TCS provided an operational update further to the most recent update provided back in March.
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  • Peabody 1Q20 Results

    May 05, 2020
    On 29 April 2020, Peabody announced its results for the quarter ended 31 March 2020. Overall, the results were weak, 1Q20 revenues were USD846m, down from USD1.25bn in the prior corresponding period (pcp) reflecting the impact of lower volumes and challenged U.S. industry conditions, in conjunction with lower commodity prices, especially toward the end of the period. Peabody reported Adjusted EBITDA of USD36.8m, down approximately 85% from USD254.1m in the pcp.
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  • Oil Prices & Oasis Petroleum - 23 April 2020

    Apr 28, 2020
    Since the middle of March, we have seen an unprecedented fall in oil prices. While the oil industry has lived through many booms and busts, never before have prices collapsed as they have this past week. The rapid and abrupt decline in demand resulting from the broad global shutdown of economic activity will create stress conditions for the world oil market, which is expected to peak in the second or third quarter of 2020. In this report we assess the impact of this oil price collapse on oil production companies and specifically Oasis Petroleum.
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  • SCT Logistics update - 23 April 2020

    Apr 28, 2020
    SCT Logistics recently provided its first half results for the period ended 31 December 2019 (1H20). 1H20 earnings were materially impacted by disruptions and cancellations resulting from events including bushfires, floods and derailments from other carriers over the period.
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  • COVID-19: Airports and Airlines

    Apr 06, 2020
    We take a look at the impacts of COVID-19 and the resulting travel restrictions on airlines and airports globally
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  • Ansett Aviation Training Update - April 2020

    Apr 03, 2020
    We provide an update on Ansett Aviation following the Civil Aviation Safety Authority’s decision to place a moratorium on pilot training hours stemming from COVID-19
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  • Banking on a slowdown

    Apr 02, 2020
    In this note, we take a look at the health of the Australian banking sector and how it is positioned to absorb the invariable rise in credit costs as businesses shutter and unemployment rises.
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  • Lucas TCS - March update

    Mar 31, 2020
    Given the current situation and uncertainly around COVID-19, Lucas Total Contract Solutions (Lucas, Company) recently provided an operational update for the months of January and February.
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  • WA Stockwell Update - 18 March 2020

    Mar 25, 2020
    We provide an update following 1H20 results and settlement of Noosa Civic Shopping Centre
    Full story
  • Next Generation Update - 24 March 2020

    Mar 25, 2020
    We provide an update following government mandated shutdown of non-essential services.
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  • Sunland Group Update - 24 March 2020

    Mar 25, 2020
    We provide an update following recent results from Sunland.
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