Week in review

Trading Desk

S&P reaffirm Adani Abbot Point Terminal as investment grade, domestic rates rebound from low levels, and the prospect of two further rate cuts in Australia weigh on the currency

Monday 23 May 2016 by
Company updates

Adani Abbot Point downgrade calls for patience

Following Adani Abbot Point’s recent downgrade by Moody’s to sub investment grade, we look at the continued investment thesis for the terminal. While credit concerns have increased, we believe some patience is key at the moment until the issuer provides a response to the rating outcome. Longer term, Glencore’s actions around its contract renewal in 2020 will be pivotal to the credit profile

Tuesday 15 March 2016 by
Trade opportunities

Adani’s bond avoids sparks flying at Carmichael mine

The debate rages around the proposed Carmichael coal mine development in central Queensland. Investors have reportedly spent over $1 billion on early development of the project but expansion of the port has met with fierce opposition from conservationists. It is a polarising and emotive discussion which can be confusing for investors

Week in review

From the Trading Desk

The RBA keeps rates on hold, Greece defers IMF payments, the yield curve continues to steepen, Adani Abbott Point goes retail, McPherson’s cuts its profit forecast and PAYCE exits a joint venture and sells development rights

Company updates

Adani Abbot Point delivers solid FY15 performance

Adani Abbot Point Terminal has released its full year accounts to 31 March 2015. The terminal has delivered a solid financial performance which is in line with expectations. The result reflects the relatively stable nature of the terminal’s cash flows generated from its ‘take-or-pay’ user agreements

Wednesday 27 May 2015 by
Week in review

From the Trading Desk

Volatile markets; Swiss National Bank unexpectedly abandons ceiling on the value of the Swiss Franc; bond rally continues; negative government bond yields mount; and bond flows for the past two weeks

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