Monday 03 September 2018 by FIIG Research Trade opportunities

New FIIG originated bond - Maurice Blackburn

We are delighted to announce the latest new FIIG originated high yield bond from Maurice Blackburn, Australia’s pre-eminent consumer law firm with almost 100 years of history. The issue sought to raise $40m of secured, subordinated notes, paying a fixed rate coupon of 7.45%p.a. paid quarterly in arrears. The Notes are set to mature in August 2022 and are available to wholesale investors only.


Updated 4 September 2018

Maurice Blackburn (“Maurice Blackburn" or "MB”) is one of Australia’s pre-eminent consumer law firms, with almost 100 years of history. The firm has a leading position in the personal injury litigation sector and the largest class actions practice in Australia.

  • MB delivers legal services across three key segments; Backbone legal services (which cover Personal Injury, Superannuation & Insurance and Employment Law, Social Justice, Wills and estates), Class Actions and Litigation Funding.
  • The business employs more than 1,000 staff across 32 permanent offices in Australia, 30 visiting offices and 1 international office in Ireland. MB’s geographic coverage and diversification represent one of its key strengths, reducing the risk of law changes in one practice area or jurisdiction materially affecting group revenues.
  • Maurice Blackburn has taken a cautious approach to acquisitions, having completed only eight small acquisitions over the last 10 years, with the business being domestically focused.
  • MB has robust processes around Case Selection and Case Management to ensure a high success rate, maximising claims in a time efficient manner and mitigating risks associated with its contingent fees.
  • The business has delivered consistent growth, noting the scale of core Backbone legal service delivers stable cash generation that is largely insulated from economic conditions.
  • Credit metrics are robust. The Notes benefit from a range of maintenance and incurrence covenants.

The Maurice Blackburn Notes have been DirectBonded and are now available in $10,000 parcels. They are currently trading at a yield to worst of 7.10%pa.

Note: This week’s podcast discusses the Maurice Blackburn bond.

For more information, please call your local relationship manager or call 1800 01 01 81