Overall, we view Heritage as a highly capitalised and well-funded issuer. We have some concerns…
On Friday the 6th July 2016 Macquarie Group Ltd (MQG) reported a statutory net profit after tax of $2.06 billion for the full year (FY16). This result was slightly ahead of market consensus and up 29% since FY15.
Macquarie Group Limited (MQG) is a unique issuer in the domestic landscape and is self-regulated in its own unique manner. From a credit risk perspective, we believe the group was in a very strong capital position but the self-regulation and lack of transparency make us take a more cautious approach. For more information, please see our recommendations below.
- Macquarie Group Capital Notes (ASX: MQGPA). Click here.
- Macquarie Group Capital Notes 2 (ASX: MQGPB). Click here.
Macquarie Bank Limited (MBL) is a very different company to parent entity, Macquarie Group Limited. The bank is a ring fenced entity which is regulated by APRA in the same way as all other Australian Banks. For more information, please see our recommendations below.