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Australian Fixed-Income Newsletter: Beyond The Curve Dec 06
Standard & Poors, Dec 2006
Abstract
Standard & Poor's will introduce recovery ratings for unsecured speculative-grade debt in Australia in 2007. With leveraged loans and high-yield debt set to become a larger proportion of the Australian corporate debt market, recovery is expected to become a key focus for Australian investors. Nufarm Ltd., AGL Energy John Fairfax Holdings Ltd., Insurance Australia Group Ltd., Waitakere City Council The first week of December got off to a strong start with A$1.8 billion of bonds issued in the Australian market. This is fairly typical of December issuance for the last few years, with A$4.0 billion, A$2.4 billion, and A$2.4 billion of bonds issued in total in December 2005, 2004 and 2003, respectively. In contrast though, back in the dark ages,...
Companies mentioned in this report are: National Australia Bank Ltd.,Nordic Investment Bank,Westpac Banking Corp.,Commonwealth Bank of Australia,Toyota Finance Australia Ltd.,St.George Bank Ltd.,Bendigo and Adelaide Bank Ltd.,Insurance Australia Ltd.,Fairfax Media Ltd.,Nufarm Ltd.,Deutsche Pfandbriefbank AG,GE Capital Australia Funding Pty Ltd.,Insurance Australia Group Ltd.,Waitakere City Council,DBCT Finance Pty Ltd.,Sydney Airport Finance Co. Pty Ltd.,AGL Energy Ltd.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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