Tuesday 18 September 2018 by FIIG Research Company updates

Company updates –AT&T, Axsesstoday, Mackay Sugar, Stockwell, new DirectBond and updated Factsheets

This week, AT&T new issuance, Axsesstoday voluntarily suspends shares, new USD DirectBond for wholesale investors, Mackay Sugar update, Stockwell FY18 results, new and updated Factsheets

AT&T new issuance

The new AT&T AUD issuance across various maturity buckets is expected to be well received by the market. The 4.60%, based on indicative price talk, 10 year maturity bond offers standout value when compared to the AUD telecom yield curve.

Read the full investment strategy report for retail and wholesale investors here.

Axsesstoday Group update - voluntary suspension of shares

On 14 September 2018, Axsesstoday Group voluntarily suspended its shares pending the release of an announcement regarding a board review into the Company’s business strategy. Axsesstoday is the leading provider of equipment finance solutions in Australia.

Read the full report for retail and wholesale investors here.

Harland Clarke new USD DirectBond

Harland Clarke is a leading provider of products, services and solutions for various clients across segments of the financial, commercial, consumer and educational sectors. These products include integrated media delivery solutions, printed products and data management solutions.

Read our investment strategy note on Harland Clarke here.

View the Harland Clarke Holdings Corp factsheet here.

Mackay Sugar seeks to recapitalise core operations

On 18 September 2018, The Australian reported that Mackay Sugar is looking to recapitalise its core Mackay operations and sell or shut its Mossman facility.  Commentary has suggested it is battling a large debt load and is likely to be taken over by a Brazilian sugar corporation.

Mackay Sugar has told farmers supplying the Mossman Mill that it will be shut down at the end of the year unless it is sold in November. It was stated that AUD20m is needed from the Federal government in the next two months before the growers’ purchase deal with Mackay expires and the mill shuts. The state government is being canvassed for AUD10m.

The news follows the announcement of an AUD250,000 grant at the start of September from the Douglas Shire Council supporting the cooperative’s acquisition.

Stockwell Management FY18 results - credit outlook stable

Stockwell has released summary management accounts and a trading update for the financial year ending 30 June 2018. Full audited accounts are expected to be available towards the end of October. We believe Stockwell will outperform its peers over the next 12 months.

Read our full report for retail and wholesale investors here.

New and updated Factsheets

Our Factsheets will now be accessible under the relevant company name here.

This week, we had a number of updated and new Factsheets for retail and wholesale clients including:

  • AGN 3.04% August 2025 senior secured inflation linked Factsheet for wholesale and retail clients here.
  • ALE 3.40% Class AA notes Factsheet for wholesale and retail clients here.
  • ANU 3.27% October 2029 senior unsecured Factsheet for wholesale and retail clients here.
  • Aroundtown 4.50% May 2025 senior unsecured Factsheet for wholesale clients only here.
  • Barminco 6.625% May 2020 senior secured Factsheet for wholesale clients only here.
  • DBNGP 6.11% 1st Lien Notes Factsheet for wholesale and retail clients here.
  • HCA 5.875% March 2022 senior secured Factsheet for wholesale and retail clients here.
  • JEM CCV 4.73% June 2022 senior secured Factsheet for wholesale and retail clients here.
  • JEM NSW Schools 3.13% November 2035 senior secured inflation linked note and 3.13% April 2031 senior secured inflation linked note for wholesale and retail clients here.
  • NCIG Holdings USD 12.50% August 2031 senior unsecured and USD 4.40% September 2027 senior secured Factsheets for wholesale clients only here.
  • NEXTDC 3mBBSW+3.75% June 2022 senior unsecured, 6.00% June 2022 senior unsecured and 6.25% June 2021 senior unsecured Factsheets for wholesale clients only here.
  • Next Gen 7.90% June 2023 secured Factsheet for wholesale clients only here.
  • Plenary Health 4.38% September 2029 senior secured Factsheet for wholesale and retail clients here
  • Plenary Justice June 2030 senior secured inflation linked bond Factsheet for wholesale and retail clients here
  • Praeco 7.13% July 2022 senior secured Factsheet for wholesale and retail clients here
  • Transocean Inc USD 9.00% July 2023 senior unsecured Factsheet for wholesale clients only here
  • Transocean Guardian Ltd USD 5.875% January 2024 secured notes Factsheet for wholesale clients only here
  • Stockland Trust 4.50% November 2022 senior unsecured for wholesale clients only and 8.25% November 2025 Senior unsecured Factsheet for wholesale and retail investors here
  • Suncorp 3mBBSW+2.15% December 2028 Subordinated Tier 2 notes Factsheet for wholesale investors only here
  • Virgin Australia Holdings 8.50% Nov 2019, 8.25% May 2023 and 7.875% October 2021 senior unsecured Factsheets for wholesale investors only here
  • Zenith Energy Ltd 7.55% October 2025 Factsheet for wholesale clients only here.

Please note yields are accurate as of 18 September 2018, subject to change.

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