Company updates
Adani launched a buyback offer for its 2018 bonds, BHP’s rating outlook changed, NEXTDC misses first call date notice to bondholders and 360 Capital Group announced sale of 360 Capital Investment Management to Centuria Capital Group
Week in review
The rise in US government bond yields makes a December Fed hike seem certain, assuming US payroll data on Friday continues positive momentum
Company factsheets
BHP Billiton EUR April 2076 Subordinated bond factsheet
Company updates
BHP posts a record loss in FY16 and cuts its dividend, Newcrest delivered a solid FY16 result, Peabody received approval of its five year business plan and two TransAlta bonds added to our DirectBond list
Opinion
The latest data from China shows its investment cycle has collapsed. Return on equity has declined to under 6%, debt has risen rapidly as has non bank shadow lending. Resource companies will find it increasingly difficult to generate satisfactory returns and now is a good time to sell out of the equities and buy the bonds
Week in review
Potential weak inflation figure likely to increase chances of a rate cut, International Monetary Fund called on G20 nations to encourage public spending and BHP subordinated bonds continued to rally with clients taking profits on the USD lines
Trade opportunities
BHP subordinated bond prices have recovered well since the lows experienced at the start of the year
Opinion
Where does the UK’s immediate future lie? No one knows but if Britain votes to exit the European Union there are likely to be widespread implications for investors
Company updates
News in the past week: 360 Capital delivered a solid 1H16 result, Moody’s downgraded BHP Billiton, CBL Corporation released strong FY15 results, Emeco reported on 1H16, Fortescue bond prices have rallied on recent events and Glencore increases debt reduction target along with FY15 result
Company updates
After taking steps to protect its balance sheet, BHP has suffered a two notch downgrade from Moody’s and its Brazilian joint venture Samarco has entered into a compensation agreement for the dam disaster