Tuesday 18 October 2016 by FIIG Research Company updates

Company updates – CBL and Newcrest

CBL to redeem all of its outstanding 2019 bond and Newcrest receives an outlook change

CBL Corporation

CBL has given noteholders notice to redeem all of its outstanding 8.25% April 2019 bond on 31 October 2016.

More information can be found here.External link - opens in a new window

Newcrest

Credit ratings agency, Moody’s has changed Newcrest’s outlook to positive from stable on 14 October 2016, and affirmed the long term issuer rating of Newcrest Mining Limited as well as senior unsecured ratings of Newcrest Finance Pty Ltd.

Moody’s Vice President Matthew Moore stated that “the change in the outlook on the ratings to positive from stable reflects the material debt reduction the company has achieved on the back of higher than expected gold prices. This, combined with continued strong all in sustaining cost (AISC) levels, has allowed the company to achieve strong leverage metrics for the rating and improve its liquidity profile.”

The USD denominated Newcrest 2021External link - opens in a new window, 2022External link - opens in a new window and 2041External link - opens in a new window bonds are indicatively offered at a yield to worst* up to 5.70%, available to wholesale investors only.

*The yield to worst (YTW) is the lowest yield an investor can expect when investing in a callable bond. More information on yield to worst can be found here.External link - opens in a new window

Earn over
6% pa* with Corporate Bonds

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