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During April the ASX200 recorded a seventh consecutive monthly rise with the technology and resources sectors leading the way.
-The ASX200 climbed 3.5% during April
-Growth marginally outperformed Value
By Mark Woodruff
Equity markets continue to enjoy an outstanding start to 2021, with returns well ahead of average. At a global level, this trend is underpinned by ongoing fiscal stimulus and persistently accommodative monetary policy.
Locally, earnings revisions appear firmly in upgrade territory, while dividends have gathered momentum with consensus projections now up 16.7% in the year-to-date. Additionally, business and consumer surveys are pointing to strong and growing confidence.
Meanwhile, the Bloomberg Commodities Index has climbed by 15.22%. This is 12.8 percentage points above the typical year-to-date average since 1970.
Citi, Credit Suisse stitch together Coronado refinancing
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Queensland coal miner Coronado Global Resources is revamping its capital structure. Â
Glenn Campbell
Less than a year since stitching together a $239 million equity recapitalisation in August 2020, Coronado has drafted in investment banks Citi and Credit Suisse to help it on a $US550 million ($707 million) refinancing package.
The package was split between a $US350 million high yield bond, a $US100 million asset-backed credit facility and a $US100 million accelerated non-renounceable entitlement offering to shareholders.
Investors were told the money raised would be used to revamp Coronadoâs capital structure by providing it more financial flexibility, extending its debt maturity profile, diversifying its funding base and reducing its net debt.
Miners Teck Resources, Coronado Global Resources, Warrior Met Coal, and the broader North American coal industry have emerged as key beneficiaries from the Chinese ban on Australian coal imports, as p
Coronado Beset By Poor Prices, Higher Costs
This story features CORONADO GLOBAL RESOURCES. For more info SHARE ANALYSIS: CRN
The outlook for Coronado Global Resources has been stymied by a weak March quarter featuring poor price realisation and higher costs
-Lack of clarity on causes of higher costs
-Improving metallurgical coal prices key to the outlook
-Yet ramp-up in net debt a concern
By Eva Brocklehurst
An apparent inability to take advantage of coal pricing combined with higher costs has clouded the outlook for Coronado Global Resources ((CRN)), raising concerns about debt covenants.
Brokers were disappointed with the miner s price realisation and costs in the March quarter, which imply a first quarter cash burn of more than -$50m. Furthermore, Morgans envisages risks to unchanged cost guidance for 2021 after first quarter costs were 7% above guidance, citing the lack of a clear explanation as to why this occurred.
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