In today’s briefing:
- Weekly Wrap – 17 Mar 2023
- Asia HY Trade Book – March 2023 – Lucror Analytics
- African Rainbow Minerals: Maintaining Our Outlook
- Pan African Resources – Innovative funding avoids dilution
Weekly Wrap – 17 Mar 2023
Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
and more…
Asia HY Trade Book – March 2023 – Lucror Analytics
The Asia HY Trade Book for March 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits.
African Rainbow Minerals: Maintaining Our Outlook
- African Rainbow Minerals Limited’s near 30% year-to-date drawdown has presented a value gap.
- The company’s security’s undervalued status, coupled with a dividend yield of above 15%, present us with optimism.
- We assign a strong buy rating to African Rainbow minerals Limited with an indefinite horizon.
Pan African Resources – Innovative funding avoids dilution
On 13 March, Pan African Resources (PAF) announced the completion of the final component in its funding package for its Mintails dump retreatment project outside Johannesburg. The funding is in the form of an innovative transaction with Rand Merchant Bank (RMB) in the style of a synthetic forward sale agreement, whereby Pan African will sell 4,846oz of gold per month to RMB for 24 months, commencing in March at a fixed price of ZAR1,025,000/kg (US$1,750/oz at the prevailing forex rate), in return for an upfront premium of ZAR400m (US$22.0m). Including the upfront premium, the effective price at which the group will sell these ounces (representing c 30% of annual group production) will be ZAR1,135,604/kg (US$1,938/oz at prevailing rates) over the full 24-month period.
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