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Tuesday 25 September 2018 by FIIG Research Company updates

Company updates – Australian Gas Networks, Axsesstoday, Medallion Trust and updated Factsheets

This week, Axsesstoday announces the continued suspension of its shares, new Medallion Trust issuance, updated Factsheets.

Australian Gas Networks – S&P Upgrade
On 24 September 2018, S&P Global Ratings upgraded its ratings on Australian Gas Networks, following a similar rating action on AGN’s parent, CK Infrastructure late last week. This positive rating action did not affect the rating on AGN’s inflation linked notes due 2025 as these notes benefit from a guarantee from Assured Guaranteed and are rated higher than AGN.

Axsesstoday Group update – voluntary suspension of shares
On 24 September 2018, Axsesstoday Group extended its shares suspension as the board continues its review into the Company’s business strategy. As part of the announcement, the company indicated that it is currently working with its senior bank lenders to resolve certain technical covenant breaches. Axsesstoday is the leading provider of equipment finance solutions in Australia.

Read the full report for retail and wholesale investors here.

Medallion Trust 2018-1 New Issuance
CBA issued the largest RMBS transaction of the year, Medallion 2018-1, with $1.6bn raised across seven tranches of notes. The notes all have varying degrees of credit enhancement and are supported by a strong collateral pool. This transaction is unique in nature as unlike other RMBS deals, the Medallion 2018-1 has a three year revolving period where principal received from underlying loans will be used to purchase new mortgages within the pool. This can only be done within a very strict range of parameters including minimum weighted average seasoning of 24 months and weighted average LVR of 60 months. This revolving period means the WAL of the AAA notes is 6.5 years and the WAL of the other junior notes is 9.2 years based on initial assumptions.

New and updated Factsheets
Our Factsheets will now be accessible under the relevant company name here.

This week, we had a number of updated and new Factsheets for retail and wholesale clients including:
• Adani Abbot Point Terminal USD 4.45% December 2022 senior secured notes Factsheet for wholesale clients. Click to view.
• Adani Abbot Point Terminal 6.10% May 2020 senior secured notes Factsheet for wholesale and retail clients. Click to view.
• Sydney Airport Finance Company 3.76% November 2020 senior secured inflation linked Factsheet for wholesale and retail clients. Click to view.
• Sydney Airport Finance Company 3.12% November 2030 senior secured inflation linked Factsheet for wholesale and retail clients Click to view.

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