Tuesday 06 June 2017 by FIIG Research Company updates

Company updates – Eric Insurance, NCIG, Owens-Brockway Glass Container Inc and SEEK Ltd

This week, Eric Insurance provided its 3Q17 results, NCIG was upgraded by S&P and we have two new DirectBonds – a USD from Owens-Brockway Glass Container Inc and an AUD from SEEK Ltd

Eric Insurance

Eric Insurance has released its 3Q17 results.

The results summary is available here.*

Newcastle Coal Infrastructure Group

S&P have raised Newcastle Coal Infrastructure Group’s ratings following implementation of its liquidity reserve.

More information is available here.*

New USD DirectBond – Owens-Brockway Glass Container Inc

Owens-Brockway Glass Container Inc is an indirect, wholly owned subsidiary of Owens-Illinois Group Inc (OI Group).

As at 31 December 2016, OI Group is the largest manufacturer of glass containers in the world with 79 glass manufacturing plants, 159 furnaces, and 44 forming machines across 23 countries. It competes in the glass container segment of the rigid packaging market and is the leading glass container manufacturer in most of the countries where it has manufacturing facilities. The company has four reportable segments based on geographic location: Europe, North America, Latin America and Asia Pacific.

The company produces glass containers for alcoholic beverages, including beer, flavoured malt beverages, spirits and wine. The company also produces glass packaging for a variety of food items, soft drinks, teas, juices and pharmaceuticals. The company manufactures glass containers in a wide range of sizes, shapes and colours and is active in new product development and glass container innovation.

We have provided a factsheet for the Owens-Brockway 2023 USD bond, available to wholesale investors only in USD10,000 parcels with USD1,000 increments. Please note the factsheets are a summary document only.

Issuer Maturity date Sector Domiciled Factsheet link
Owens-Brockway Glass Container Inc
15 August 2023 Glass manufacturer US Factsheet*
Source: FIIG Securities
All bonds listed are fixed rate and in USD

New AUD DirectBond – SEEK Ltd

SEEK has a large portfolio of employment and education businesses across multiple jurisdictions. It receives over 400 million visits to its online employment websites every month, has over 3.5 million job opportunities available at any given time, and relationships with over 150 million jobseekers. SEEK’s Education businesses currently assist over 10,000 students per annum to find courses that help them advance their careers. The group is organised into four main divisions:

  1. ANZ employment – The Australian and New Zealand businesses (seek.com.au and seek.co.nz) provide online employment services to recruitment agencies, corporations, government and small and medium enterprises
  2. International employment – SEEK has controlling interests in online employment businesses in China, South East Asia, Brazil, Mexico and a non controlling interest in an online employment business in Bangladesh
  3. Education – The Education division consists of Online Education Services (OES)
  4. Early stage ventures – The division invests in online businesses, which are complementary to the existing business portfolio

The SEEK Ltd senior unsecured BBSW +2.30% floating rate bond matures on 28 April 2022. The bond is Australian dollar denominated and available to wholesale investors only, in minimum parcels of AUD10,000.

We have also provided a factsheet for the SEEK Ltd April 2022 floating rate note. Please note the factsheets are a summary document only.

Issuer Maturity date Sector Domiciled Factsheet link
28 April 2022 Online career hub AUD Factsheet*

Source: FIIG Securities

*Note: You will require a login to access this content.