This week, AAPT redeems November 2018 notes, Moody’s upgrades Liberty RMBS, new DirectBond from Network Finance, StockCo Holdings FY17 earnings update and zipMoney monthly pool update
AAPT redeems November 2018 notes
On 5 December 2017, Adani Abbot Point Terminal (AAPT) issued a notice of redemption to holders of its fixed rate notes due November 2018. The notes are expected to be repaid on Tuesday 12 December 2017.
Moody’s upgrades select notes in Liberty series RMBS
On 11 December 2017, Moody’s upgraded specific notes within the Liberty Series 2015-1 and 2017-1 Trusts. The upgrades were prompted by an increase in credit enhancement (from note subordination and the Guarantee Fee Reserve Account) available for the affected notes.
Sequential amortisation of the notes in both transactions since closing led to the increase in note subordination. Liberty Series 2015-1 Trust switched to pro-rata principal repayments in June 2017.
The Guarantee Fee Reserve Account is non amortising and can be used to cover charge offs against the notes, and liquidity shortfalls that remain uncovered after drawing on the liquidity facility and principal.
In addition, the transaction portfolios have been performing within Moody's expectations. Scheduled and indexed loan to value ratios have decreased in both transactions.
For more information, please call your local relationship manager.
New DirectBond from Network Finance Company
A new AUD floating rate secured unsubordinated note issued by Network Finance Company Pty Ltd (Network Finance), maturing 6 December 2024, has been added to the DirectBond list.
Network Finance is the finance vehicle of the Endeavour Energy Group (Endeavour). Endeavour is a regulated electricity distribution business located in New South Wales, Australia.
The bond is for wholesale investors only and rated Baa1 provisional by Moody’s.
The Network Finance 2024 Factsheet is available here. Note the content requires a wholesale login.
StockCo Holdings FY17 earnings update
We have provided an update on StockCo Holdings with FY17 results as at 30 June 2017, outlook and forecasts
The link to the full update is available here. Note the content requires a FIIG login.
zipMoney monthly pool update
We have provided an update for zipMoney 2017-1 Trust Class B notes, including pool performance and portfolio parameters.
The full update is available here. Note the content requires a FIIG login.