Company updates

IMF Bentham - FY17, a year of consolidation

FY17 represented a year of consolidation as the company worked on its diversification strategy and expansion into new markets. In our opinion, the 7.40% June 2020 secured bonds offer good value at mid price of $103.6 and YTW of 5.81%. Furthermore, we believe that these bonds provide portfolio diversity as litigation funding is relatively uncorrelated to general economic conditions

Company updates

Emeco - FY17 results highlight transformational year

Emeco successfully completed its recapitalisation exercise and mergers with Andy’s Earthmovers (Asia Pacific) Pty Ltd and Orionstone Holdings Pty Ltd on 31 March 2017, which resulted in an increased fleet sized (by around 80% to circa 800 machines in Australia) while reducing its average age, and stronger balance sheet with lower leverage.

Company updates

Genworth Australia– 1H17 results weak

Earnings deteriorated due to lower sales and increasing delinquencies. Capital ratios remain strong. We believe Genworth Australia’s regulatory compliant 10NC5 bond with maturity of July 2025 and call date of July 2020 offers fair value at current mid-price of $103.3 and YTW of 4.40%

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