Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We take a look at the green bond frameworks under which 31 green senior unsecured bonds were issued by banks globally in a euro-denominated format between 2015 and YTD 2018. The most common sectors for allocating green bond proceeds are renewable energy and green buildings.
Benelux Credit Digest: It is with great pleasure that we present our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.
Utilities • Nederlandse Gasunie (NEGANV) reported 2017 revenue at €1,241m, €307m lower than in 2016 due to the new regulatory period that started at the beginning of the year. The company reported an EBITDA at €753m, significantly lower than a year earlier (2016: €1,038m). Reported operating result (EBIT) grew €48m to €331 thanks to much lower depreciation. Our preliminary calculations point to an FFO at c.€770m and a net debt at €3,445m, FFO/net debt stood at 22%, a ratio in ...
•SLM's FY'17 results based on an analysis of the change in the director's valuation (GEV). The return on GEV for the period was 14.8%, ahead of management's SA risk free rate plus 4% target. The GEV increased 10% YoY while the SLM share price increased 36% in CY'17. SLM currently trades at a 58% premium to the director's valuation. •SLM and SNT's purchase of the remaining 53.37% of SAHAM Finances through SEM. SAHAM Finances appears sub-scale with an underwriting margin of -0.7% in FY'17...
BGA's FY '17 results highlighted two important themes. Firstly, the separation with Barclays PLC does not have a meaningful margin of safety from a cost or timing perspective. Secondly, management have not had enough time to clearly define their strategic journey. While management set high-level goals for the Group, the strategic update lacked did not convince us that management can execute the strategy while dealing with the separation from Barclays PLC.
RBS (RBS) reported a loss for the last quarter with one-off costs again pressuring the bank's performance. The CET1 capital ratio instead improved with lower RWA. The bank has sufficient buffers to absorb the expected Basel III update induced RWA inflation. That said, the one-offs keep coming, and the bank guides for higher restructuring costs than expected earlier. With the US DoJ settlement still to come, the bank is not out of the woods yet. Credit negative.
FINANCIAL INSTITUTIONS CREDIT OPINION 5 December 2017 Update RATINGS Barclays Africa Group Limited Domicile Johannesburg, South Africa Long Term Debt (P)Ba1 , Possible Downgrade Type Senior Unsecured MTN - Dom Curr Outlook Not Assigned Long Term Deposit Not Assigned Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect info
FINANCIAL INSTITUTIONS CREDIT OPINION 5 December 2017 Update RATINGS Barclays Africa Group Limited Domicile Johannesburg, South Africa Long Term Debt (P)Ba1 , Possible Downgrade Type Senior Unsecured MTN - Dom Curr Outlook Not Assigned Long Term Deposit Not Assigned Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect info
Rating Action: Moody's assigns ratings to Absa Bank's and Barclays Africa Group's DMTN programmes. Global Credit Research- 10 Aug 2017. Limassol, August 10, 2017-- Moody's Investors Service, has today assigned provisional senior unsecured local currency rating of Baa3 to the ZAR60 billion Domestic Medium Term Note programme of Absa Bank Limited, and Ba1 to the ZAR30 billion DMTN programme of Barclays Africa Group Limited.
FINANCIAL INSTITUTIONS CREDIT OPINION 18 July 2017 New Issue RATINGS Barclays Africa Group Limited Domicile Johannesburg, South Africa Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Analyst Contacts Nitish Bhojnagarwala 971-4-237-9563 VP-Senior Analyst nitish.bhojnagarwala@mood
Rating Action: Moody's assigns Ba1 issuer ratings to Barclays Africa Group Limited, negative outlook. Global Credit Research- 17 Jul 2017. Limassol, July 17, 2017-- Moody's Investors Service, has today assigned first time long and short-term issuer ratings of Ba1/Not-prime to Barclays Africa Group Limited, and Aa3.za/P-1. za national scale issuer ratings.
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