Fortescue

Week in review

Trading Desk

AUD falls after the RBA’s cash rate cut last Tuesday, government bonds at a record low, and strong demand for the Royal Women’s Health fixed rate bond

Company updates

Fortescue to call remaining 2019 bonds – time to take profits

Fortescue’s announcement that it is calling its remaining 2019 unsecured bonds is a win for both existing 2019 holders as well as investors in the longer dated 2022 lines. We believe the credit has materially derisked through the company’s continued free cash flow generation and debt reduction, despite a weaker commodity price environment

Week in review

Trading Desk

Moody’s warns Australia on its AAA credit rating, domestic rates rose and Royal Bank of Canada 4.65% 2026 was added to the DirectBonds list. We also had strong interest in two new AUD Rabobank DirectBonds

Company updates

Fortescue’s fantastic 24 hours

Fortescue has had an amazing 24 hours. After an 18.5% increase in iron ore prices overnight, Fortescue has announced it has signed a non binding agreement with Brazilian miner Vale for investment and product blending opportunities. Bond prices have rallied by around USD5 on the events

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