We list the latest DirectBonds, just in case you missed them. The newest is a USD high yield bond from American Axle & Manufacturing. Note, all bonds are for wholesale investors only
American Axle & Manufacturing
Company overview
American Axle is a Tier 1 supplier to the automotive industry. American Axle is headquartered in Detroit and in addition to its locations in the United States (Michigan, Ohio and Indiana) it has offices and facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden and Thailand.
The company is a global leader in design, engineering, validation and manufacturing of driveline, metal forming, powertrain, and casting technologies for automotive, commercial and industrial markets. Driveline is the primary served market and consists of driveline, drivetrain and related components. Its products include metal formed products and chassis modules for light trucks, SUVs, passenger cars and commercial vehicles.
Bond summary
The USD bond is fixed rate and available to wholesale clients only, in minimum face value parcels of USD10,000 and USD1,000 denominations thereafter.
| Issuer | Currency | Rank | Maturity date | Yield to worst* | Factsheet link |
| American Axle & Manufacturing | USD | Senior unsecured but guaranteed by American Axle & Manufacturing Holdings and certain subsidiaries | 1 April 2025 | 5.97% | Factsheet
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*Accurate as at 25 July 2017 but subject to change; indicative only
DirectBonds from the last three months
We’ve added numerous DirectBonds to our list over the last few months, with the majority in USD. We have a range from various industries such as communications, infrastructure and energy; as well as some high yielding, longer dated DirectBonds out to 2027 for investors who have a larger risk appetite. Among the DirectBonds listed, yields range from 3.43% up to 8.23% accurate as at 25 July 2017.
USD DirectBonds
| Issuer | Currency | Rank | Maturity date | Yield to worst* | Factsheet link |
| Barminco Finance Pty Limited | USD | Senior secured | 15 May 2022 | 6.32% | Factsheet*
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| Energy Transfer Equity | USD | Senior unsecured | 1 June 2027 | 4.63% | Factsheet*
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| Ensco Plc | USD | Senior unsecured
| 15 March 2025 | 8.23% | Factsheet*
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| Frontier Communications Inc. | USD | Senior unsecured
| 15 April 2020 | 6.85% | n/a
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| Hertz Corporation | USD | Senior secured
| 1 June 2022 | 6.61% | Factsheet
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| Louisiana-Pacific Corporation | USD | Senior unsecured
| 15 September 2024 | 3.74% | Factsheet*
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| Norbord Inc. | USD | 1st Lien^
| 15 April 2023 | 4.27% | Factsheet*
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| Owens-Brockway Glass Container Inc. | USD | Senior unsecured
| 15 August 2023 | 3.43% | Factsheet*
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| Petrobras Global Finance | USD | Senior unsecured
| 20 May 2023 | 4.70% | Factsheet*
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| Petrobras Global Finance | USD | Senior unsecured
| 17 January 2027 | 5.63% | Factsheet*
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| Rackspace Hosting Inc. | USD | Senior unsecured
| 15 November 2024 | 6.26% | Factsheet*
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| Rose Rock Midstream LP | USD | Senior unsecured
| 15 July 2022 | 5.29% | Factsheet*
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| Sprint Corporation | USD | Senior unsecured
| 15 February 2025 | 4.83% | Factsheet*
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| Transocean Inc. | USD | Senior unsecured but guaranteed by certain Transocean subsidiaries and its parent, Transocean Ltd
| 15 July 2023 | 7.38% | Factsheet*
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Accurate as at 25 July 2017 but subject to change; indicative only
All DirectBonds listed are wholesale only
*Requires a MyFIIG login, factsheets not marked are broadly available
^When a lender is in a 1st Lien position, they are in the first – or priority – position to benefit from any liquidation of collateral which secures the loan, in the event the loan is in default. Relative value – USD DirectBonds
Source: FIIG Securities
AUD DirectBonds
| Issuer | Currency | Rank | Maturity date | Yield to worst* | Factsheet link |
| Asciano Finance FRN | AUD
| Senior unsecured | 12 May 2027 | 4.82% | Factsheet
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| Asciano Finance FIX | AUD
| Senior unsecured | 12 May 2027 | 4.65% | Factsheet
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| Aurizon Network | AUD | Senior unsecured but guaranteed by Aurizon Network and certain of its subsidiaries | 21 June 2024 | 3.81% | Factsheet
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| Centuria Capital No.2 Fund FRN | AUD
| Senior secured | 21 April 2021 | 5.84% | Factsheet |
| Centuria Capital No.2 Fund FIX | AUD | Senior secured
| 21 April 2021 | 5.42% | Factsheet
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| SEEK Ltd | AUD | Senior unsecured
| 28 April 2022 | 4.29% | Factsheet
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Accurate as at 25 July 2017 but subject to change; indicative only
All DirectBonds listed are wholesale only
*Requires a wholesale MyFIIG login, factsheets not marked are broadly available
Relative value – AUD DirectBonds
Source: FIIG Securities
For more information, please call your local relationship manager.