FIIG Securities
Where to now? Simple corporate bonds still lack spark
The federal government is re-evaluating its plan to facilitate retail access to corporate issuers. However, industry sources doubt that even improvements to the simplified corporate bond regime will encourage supply.
Evolve Education prices A$35 million high-yield deal
VisionFund launches inaugural Kangaroo impact bond
On 11 November, VisionFund International (VisionFund), the microfinance subsidiary of World Vision, launched an inaugural five-year, indicative A$20 million (US$13.7 million) Kangaroo impact bond. The forthcoming deal has a coupon of 5 per cent paid semi-annually. FIIG Securities is leading.
Troubled deals place noninstitutional high yield under the microscope
High-profile difficulties experienced by some issuers in Australia’s high-yield bond market have brought the value and distribution of such securities into question. Institutional market participants say there is nothing fundamentally wrong with the high-yield sector but argue that troubled transactions reaffirm the need for securities to be properly valued and appropriately distributed.