Tuesday 06 February 2018 by FIIG Research Company updates

Company updates – CFAP, Newcastle PBS, Noble Holding, QBE, Sydney Airport, updated DirectBond filter list and Factsheets

This week, New FIIG originated bond from CFAP, QBE earnings revisions and ratings action, Sydney Airport upgraded, and updated DirectBond filter list and Factsheets. New DirectBonds from Newcastle PBS and Noble

New FIIG originated bond from CF Asia Pacific

On 1 February 2018, CF Asia Pacific Pty Ltd (CFAP) launched a secured subordinated amortising note issue with a maturity date of 30 November 2020. CFAP is seeking to raise AUD65m to refinance existing debt and for general corporate purposes. For more information on the offer, please see this link.

Please be advised that Noteholders (subject to the offer restrictions referred to in the document entitled ‘Notice of Special Resolution and Exchange Offer Memorandium and the Preliminary Information Memorandum) would have received a FIIG email reminder regarding the CFAP-8.35%-30Nov20 Consent and Exchange Event.  

New DirectBonds from Newcastle PBS and Noble Holding

The Newcastle Permanent Building Society 2023 senior unsecured floating rate notes have been added to the DirectBonds list.

The Noble Holding 2026 senior guaranteed notes have also been added to the DirectBonds list. More information is available in the Factsheet here.

Note the new DirectBonds are available to wholesale investors only. 

QBE earnings revision and ratings outlook change

On 23 January 2018, QBE provided a market update outlining revisions to its FY17 combined operating ratio (COR) and profit. QBE is expected to report a FY17 loss after tax of around AUD1.2bn as a result of higher than expected COR and two significant one off, non cash charges.

The FY17 results release is scheduled for 26 February 2018. For more information, please see this link.

On 5 February 2018, Moody’s Investors Service (Moody’s) affirmed QBE’s issuer rating and changed its rating outlook. The ratings agency also affirmed the insurance financial strength ratings of QBE’s main operating subsidiaries, also changing the rating outlooks.

The change in outlook is driven by QBE’s weaker earnings performance in the face of higher than expected natural catastrophe losses. This is combined with goodwill write-downs following downward revisions in the profitability assumptions for the group’s North American business. The outlook change reflects the potential for future group profitability to be lower than had been previously assumed by Moody’s. 

Moody’s upgrades Sydney Airport

On 31 January 2018, Moody’s Investors Service (Moody’s) upgraded Sydney Airport Finance Company’s (SAFC) senior secured debt rating and bank credit facility. The upgrade reflects Moody’s expectation that “ongoing earnings growth from increased passenger volumes will result in the airport’s credit metrics exceeding the previous rating parameters”. The outlook for SAFC is stable. SAFC operates Sydney Airport, Australia’s largest commercial airport that handled around 43.3 million passengers in 2017. 

Updated DirectBond filter list – January 2018

The updates for January 2018 can be found here

The full list of bonds that meet and do not meet the DirectBond filters is available here

You can find more information on the DirectBond process here or take a look at the frequently asked questions. Note the DirectBond Filter Lists and FAQs require a FIIG login. 

Updated Factsheets

  • Dean Foods March 2023 Senior Unsecured Notes Factsheet
  • Mallinckrodt April 2020 Senior Unsecured Notes Factsheet
  • Mallinckrodt August 2022 Senior Unsecured Notes Factsheet
  • Mallinckrodt October 2023 Senior Unsecured Notes Factsheet
  • Noble Holding February 2026 Senior Guaranteed Notes Factsheet

Please note the Factsheets above require a wholesale login. 


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