Tuesday 25 July 2017 by FIIG Research Trade opportunities

21 new DirectBonds added in the last three months

We list the latest DirectBonds, just in case you missed them. The newest is a USD high yield bond from American Axle & Manufacturing. Note, all bonds are for wholesale investors only

car assembly line

American Axle & Manufacturing

Company overview

American Axle is a Tier 1 supplier to the automotive industry. American Axle is headquartered in Detroit and in addition to its locations in the United States (Michigan, Ohio and Indiana) it has offices and facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden and Thailand.

The company is a global leader in design, engineering, validation and manufacturing of driveline, metal forming, powertrain, and casting technologies for automotive, commercial and industrial markets. Driveline is the primary served market and consists of driveline, drivetrain and related components. Its products include metal formed products and chassis modules for light trucks, SUVs, passenger cars and commercial vehicles.

Bond summary

The USD bond is fixed rate and available to wholesale clients only, in minimum face value parcels of USD10,000 and USD1,000 denominations thereafter.

Issuer Currency Rank Maturity date Yield to worst* Factsheet link
American Axle & Manufacturing USD Senior unsecured but guaranteed by American Axle & Manufacturing Holdings and certain subsidiaries 1 April 2025 5.97% Factsheet
*Accurate as at 25 July 2017 but subject to change; indicative only


DirectBonds from the last three months

We’ve added numerous DirectBonds to our list over the last few months, with the majority in USD. We have a range from various industries such as communications, infrastructure and energy; as well as some high yielding, longer dated DirectBonds out to 2027 for investors who have a larger risk appetite. Among the DirectBonds listed, yields range from 3.43% up to 8.23% accurate as at 25 July 2017.

USD DirectBonds

Issuer Currency Rank Maturity date Yield to worst* Factsheet link
Barminco Finance Pty Limited USD Senior secured 15 May 2022 6.32% Factsheet*
Energy Transfer Equity  USD Senior unsecured 1 June 2027 4.63% Factsheet*
Ensco Plc  USD Senior unsecured
15 March 2025 8.23% Factsheet*
Frontier Communications Inc.  USD Senior unsecured
15 April 2020 6.85% n/a
Hertz Corporation  USD Senior secured
1 June 2022 6.61% Factsheet
Louisiana-Pacific Corporation  USD Senior unsecured
15 September 2024 3.74% Factsheet*
Norbord Inc.  USD 1st Lien^
15 April 2023 4.27% Factsheet*
Owens-Brockway Glass Container Inc.  USD Senior unsecured
15 August 2023 3.43% Factsheet*
Petrobras Global Finance  USD Senior unsecured
20 May 2023 4.70% Factsheet*
Petrobras Global Finance  USD Senior unsecured
17 January 2027 5.63% Factsheet*
Rackspace Hosting Inc.  USD Senior unsecured
15 November 2024 6.26% Factsheet*
Rose Rock Midstream LP  USD Senior unsecured
15 July 2022 5.29% Factsheet*
Sprint Corporation  USD Senior unsecured
15 February 2025 4.83% Factsheet*
Transocean Inc.  USD Senior unsecured but guaranteed by certain Transocean subsidiaries and its parent, Transocean Ltd
15 July 2023 7.38% Factsheet*
Accurate as at 25 July 2017 but subject to change; indicative only
All DirectBonds listed are wholesale only
*Requires a MyFIIG login, factsheets not marked are broadly available
^When a lender is in a 1st Lien position, they are in the first – or priority – position to benefit from any liquidation of collateral which secures the loan, in the event the loan is in default.  

Relative value – USD DirectBonds


Source: FIIG Securities

AUD DirectBonds

Issuer Currency Rank Maturity date Yield to worst* Factsheet link
Asciano Finance FRN AUD
Senior unsecured 12 May 2027 4.82% Factsheet
Asciano Finance FIX AUD
Senior unsecured 12 May 2027 4.65%  Factsheet
Aurizon Network AUD Senior unsecured but guaranteed by Aurizon Network and certain of its subsidiaries 21 June 2024 3.81% Factsheet
Centuria Capital No.2 Fund FRN AUD
Senior secured 21 April 2021 5.84%   Factsheet
Centuria Capital No.2 Fund FIX AUD Senior secured
21 April 2021 5.42% Factsheet
SEEK Ltd AUD Senior unsecured
28 April 2022 4.29% Factsheet

Accurate as at 25 July 2017 but subject to change; indicative only
All DirectBonds listed are wholesale only
*Requires a wholesale MyFIIG login, factsheets not marked are broadly available

Relative value – AUD DirectBonds


Source: FIIG Securities

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