Trade opportunities
Last year we DirectBonded UK based Ei Group, the UK’s largest leased and tenanted pub operator. The bonds have been difficult to source but we now have access. Low minimum GBP10,000 parcels make this bond worth reviewing. We compare it to five other GBP options
Week in review
The US Treasury yield curve continues to flatten, investors switch out of Transocean and into Sprint, FIIG favourite names in good supply with downward pressure on USD bonds issued by Australian companies. Demand for the Virgin 2023s continues, Sydney Airport 2030s attractive amid inflation expectations and new NextDC 2021 to start trading. RMBS supply still available.
Trade opportunities
With the RBA unlikely to raise rates until at least mid 2019 we look at the opportunity to extend the maturity of AUD investment grade securities, to increase yield
Week in review
More increases expected in the Fed funds rate, investors sell USD bonds and bring funds home, NextDC issues a A$300m fixed and floating rate tranche, trades in the PMP 2019 callable bond, and RMBS a popular choice for wholesale investors. Research initiates it recommendation on the Virgin AUD 2023 bond
Week in review
Fed restrictions on major investment banks, active trades in the USD investment grade space while high yield sells off, RMBS supply available, and FIIG originated bonds active as StockCo and Axsesstoday become available to retail investors. With the Aussie dollar below 74 cents, we make suggestions for new USD bonds to buy
Week in review
Rising oil price follows plans to increase production, switch from JEM Southbank to alternatives, Virgin AUD bond still offers attractive yield, and investors sell off USD high yield while others add exposure at cheaper levels. StockCo goes retail and is callable in 2019, read our research and strategy update
Week in review
Fed raises rates as expected, surprise US Genworth approval. Modest demand for Sprint, HCA continues as a US investment grade favourite, Virgin AUD bond popular in the Asian markets and RMBS offering attractive yields. Active trades across FIIG originated bonds as investors switch into the new Next Generation senior secured bond issued last week
Week in review
Fed minutes due Thursday with a hike anticipated, HCA the standout USD trade, Kindred calls its 2023 bond, Virgin’s AUD bond flies out the door, and Cash Converters popularity continues after equity raising announcement. Sell off in AUD investment grade with investors switching to floating rate notes
Trade opportunities
One of our recurring themes is to reduce risk in your portfolio. We make some suggestions in investment grade bonds in AUD and USD
Week in review
New DirectBond from HCA, QBE upgrade, switches from several AUD high yield names into Virgin’s new AUD bond. Cash Converters equity raising to repay September 2018 bond and USD high yield available in Hertz 2022 and Sprint 2025 bonds