JEM Southbank’s June 2020 nominal bonds are widely held. They have a Scheduled Maturity Date in June 2018 – if they miss the date, the bonds convert to floating rate with a final maturity in June 2020. We assess the options and make recommendations. We think these bonds offer good relative value even if you don’t already hold them
![trees trees](https://thewire.blob.core.windows.net/web/images/default-source/default-album/trees2.png?sfvrsn=d9a1b75a_0)
Southbank is in the process of appointing an advisor to help with refinancing plans for its June 2020 nominal bonds. The bonds have a Scheduled Maturity Date of 28 June 2018 (which we typically describe as the call date) and a Final Maturity Date of 28 June 2020, which is the legal maturity date of the bonds. It is important to note that it is not an event of default for the bonds if they are not refinanced by the Scheduled Maturity Date.
We believe Southbank’s sponsor, AMP Capital Community Infrastructure Trading Trust (the Fund), is proactive in managing refinancing risk, as it has demonstrated in recent years with the successful refinancing of other public private partnership projects (PPPs) the Fund owns.
Southbank has also indicated that it is in its best interest to refinance the nominal bonds by the Scheduled Maturity Date, in order to take advantage of prevailing and relatively benign credit market conditions, as it aims to achieve the lowest possible cost of refinancing, while minimising the need for an additional equity injection by the Fund.
What happens if the bonds are not refinanced by the Scheduled Maturity Date?
In the event that the nominal bonds are not refinanced by the Scheduled Maturity Date, the current fixed rate coupon on the bonds will convert to a floating rate plus step up margin as shown in Figure 1.
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)
Figure 1
Note: Prices accurate as of 1 May 2017 but subject to change; indicative only
Source: Bloomberg, FIIG Securities
If this is the case, then we expect that investors’ economic loss will be the opportunity cost of the lower BBSW coupon stream plus 150bps, compared to 6.637%. However, we believe the real impact is the fixed coupon and what return you can achieve for a four or five year corporate bond rated in the BBB range. Please refer to the Relative Value section for further analysis.
If the bonds remain outstanding beyond its Scheduled Maturity Date, Southbank’s equity distributions will be locked up to preserve cash until a refinancing is achieved by the Final Maturity Date. It should be noted that once refinancing occurs, this cash is released and can be used to pay equity distributions. During the lock up period dividend payments are cumulative and are not lost. In addition, under the financing documents, a specified set of steps will need to be undertaken as part of the refinancing process. The document provides rights to the bond manager/trustee if certain steps are not undertaken, in accordance with the financing documents.
While considering its refinancing plan for the bonds, Southbank also has the opportunity to decide whether it wants to keep, or terminate and replace the long term interest rate swap it entered into when the bonds were issued. It is important to note that the decision to keep or terminate and replace the swap is independent of the bonds’ refinancing. For example, Southbank can refinance the bonds and still keep the swap in place.
Given that the BBSW rate as at 1 May 2017 was 1.94% as per Figure 1, this means that the swap is out-the-money for Southbank as it receives the lower base rate, while the swap counterparty is paid the higher fixed rate. The swap was entered into for the period from the Scheduled Maturity Date of the bonds to the end of the concession term. The swap locks in the base rate at which the refinancing debt can be raised, which – given the fixed nature of the future cashflows from the refinancing date – eliminates the risk associated with base rate movements.
Southbank has the opportunity to consider whether it is more economically viable and not detrimental to its financial profile, to take advantage of prevailing lower base rates and to pay out (up front at the time of refinancing of the nominal bonds) the mark to market on the more expensive swaps. However, the benefit from potentially lower funding costs from entering into new swaps with a lower base rate could be offset by the need for an upfront mark to market payment on terminated swaps. There will also be execution and transaction costs involved with terminating and re-establishing the swap transactions.
Should Southbank decide to terminate and replace the swaps at prevailing lower base rates, given its highly geared capital structure and limited ability to increase revenue, the Fund will most likely have to inject additional equity in order to maintain Southbank’s current financial profile.
Relative value
Figure 2 provides a comparison of the respective yield to worst (YTW) – ranging from mid 3% to mid 4% – for fixed rate corporate bonds with four or five year maturities rated in the BBB range, as well as other PPPs exposed to refinancing risk such as Praeco Pty Limited.
![](data:image/png;base64,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)
Figure 2
Source: Bloomberg, FIIG Securities
In the event that the nominal bonds are not refinanced by the Scheduled Maturity Date, and the coupon on the bonds convert to a floating rate plus step up margin, we would then compare Southbank against other investment grade floating rate bonds with maturities in the next five years.
Figure 3 provides a comparison of the trading margins, ranging from 1% to under mid 2%.
![](data:image/png;base64,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)
Figure 3
Source: FIIG Securities
Conclusion
As Figure 2 shows, the Southbank bonds have a YTW of 4.15% to the Scheduled Maturity Date, and are trading at an indicative margin of 2.5% as shown in Figure 3.
We believe the bonds offer good relative value at 4.15% YTW to the Scheduled Maturity Date. However, there is a possibility that the bonds may not be refinanced then, and in this case, the bonds would be trading at an indicative margin of 2.5% to the Final Maturity Date on 28 June 2020. In our opinion, this would still offer Southbank bondholders attractive relative value.
For investors who want exposure to a mature investment grade infrastructure asset with the state government backing the revenue, we recommend investors either hold the bonds or consider adding to positions.