Tuesday 22 August 2017 by Facilitation Trade opportunities

New DirectBonds added with a GBP on the menu

Here are the latest DirectBonds, just in case you missed them. The newest is a GBP high yield bond from Petrobras Global Finance. Note, all bonds are for wholesale investors only

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Over the last two weeks, we’ve made another six bonds available through the DirectBond service. The new securities are in three currencies, spread across the credit rating spectrum.

New DirectBonds 

Company Currency Rank Credit rating  Coupon type Minimum parcel size  Maturity date  Yield to worst* 
Avon International Operations USD Senior unsecured BB- Fixed 10,000
15 August 2022
5.87%
Enviva Partners LP USD Senior unsecured
B+ Fixed
10,000 
1 November 2021
4.81%
Firstmac Fiduciary Services Pty Ltd AUD Secured, mortgage backed, pass through securities (Class AB notes)
AAA Floating 50,000
12 September 2046
Please contact your FIIG dealer
Liberty Funding Pty Ltd AUD Senior secured (Class B notes) Aa2^ Floating 50,000
25 January 2049
Please contact your FIIG dealer
Liberty Funding Pty Ltd AUD Senior secured (Class C notes)
A2^ Floating  50,000
25 January 2049
Please contact your FIIG dealer
Petrobras Global Finance GBP  Senior unsecured
(Class D notes)
BB- Fixed 100,000 
14 December 2026
5.29%
RESIMAC 2017-2 AUD Secured, limited recourse, pass through securities
BB Floating 50,000
15 January 2049
Please contact your FIIG dealer

*Prices accurate as at 21 August 2017 but subject to change; indicative only
^Rating provided by Moody’s Investors Service
All DirectBonds listed are for wholesale investors only

Avon International Operations

Avon International Operations Inc. engages in wholesale perfume and cosmetics and operates as subsidiary of Avon Products Inc. (Avon). Avon is a global manufacturer and marketer of beauty and related products that commenced operations in 1886 in New York but since January 2017, is headquartered in London, UK. Avon is the leading direct selling beauty company in the world by sales. The Avon brand ranks within the top five brands in the world in the beauty and personal care category and has 90% brand recognition in most major markets around the world.

Bond summary: USD fixed rate senior unsecured notes issued by Avon International Operations Inc. on 15 August 2016, with a make whole provision of 50bps over the relevant treasury yield until 15 August 2019.

The link to the Avon 2022 bond Factsheet is here

Enviva Partners LP

Enviva is a limited partnership engaged in the production of utility grade wood pellets. The company aggregates and processes wood fibre into wood pellets that are used by major power generators in co-fired and biomass power plants. Enviva is currently the world’s largest supplier of industrial wood pellets as measured by production capacity, with its existing output accounting for around 13% of global industrial wood pellet supply, according to management reports.

Bond summary: USD fixed rate senior unsecured note reissued by Enviva Partners LP (Enviva) on 1 May 2017.

The link to the Enviva 2021 bond Factsheet is here

Firstmac Fiduciary

Firstmac Fiduciary was founded in 2003 and is a privately held company in Brisbane. It is Australia’s largest non bank lender and currently manages A$8 billion in mortgages and A$250 million in cash investments with offices in Sydney, Melbourne and Singapore. Firstmac self funds its operations through the release of highly rated residential mortgage backed securities, historically a low risk investment, and has issued more than A$16 billion in RMBS since 2003.

Bond summary: Mortgage backed pass through AUD floating rate Class AB notes issued by Firstmac Fiduciary Services Pty Ltd (Firstmac Fiduciary) as trustee for the Firstmac Mortgage Funding Trust No. 4 in respect of Series 1-2015 on 21 May 2015. 

Liberty Funding Pty Ltd

Liberty Funding is the trustee for the Liberty Series 2006-I Trust, a special purpose trust established for the purpose of purchasing housing loans and related securities. Liberty Funding operates as a subsidiary of Liberty Financial Pty Ltd. The company’s activities include specialty lending, finance and insurance brokering, receivables servicing, consumer insurance underwriting, and funds management. It offers home, car, personal, and business loans; and investment products, such as high yield funds and term investments.

Bond summary: Residential mortgaged backed pass through AUD floating rate Class C notes issued by Liberty Funding Pty Ltd (Liberty Funding) in respect of the Liberty Series 2017-1 on 27 March 2017.

Petrobras Global Finance

These bonds were issued by Petrobras International Finance Company (Petrobras) but on 29 December 2014, this entity merged with Petrobras Global Finance (PETBRA). PETBRA is a wholly owned finance subsidiary of Petrobras, and is incorporated under the laws of The Netherlands as a private company. The entity acts as a special purpose vehicle with the sole purpose of raising borrowings in the capital markets globally.

Petrobras is an integrated energy company, with total assets of USD244.3bn as of 30 June 2017. Petrobras was Brazil’s legal monopolist in the oil industry until 1997. The company dominates Brazil's oil and natural gas production, as well as downstream refining and marketing. The company also holds a significant stake in petrochemicals and a position in sugar based ethanol production and distribution. The Brazilian government directly and indirectly owns about 45.3% of Petrobras' outstanding capital stock and 60.4% of its voting shares.

Petrobras has six primary business segments: exploration and production (24% of total sales); refining, transportation, and marketing (47% of total sales); distribution; gas and power (21% of total sales); biofuels; international.

Bond summary: GBP fixed rate senior, unsecured, unsubordinated notes issued by Petrobras Global Finance on 12 December 2011.

The link to the Petrobras’ 2026 bond factsheet is here

RESIMAC Limited

Perpetual Trustee is one of Australia’s largest wealth managers and acts as a trustee, executor, investment manager, and licensed advisor. The company was founded in 1886 and is headquartered in Sydney, Australia. Perpetual Trustee is a subsidiary of Perpetual Limited.

Bond summary: Residential mortgage backed pass through AUD floating rate Class D notes issued by Perpetual Trustee Company Limited (Perpetual Trustee) ATF the Trust in respect of the RESIMAC Premier Series 2017-2 on 3 August 2017.




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