ISM acts as Sole Bookrunner for US$40 million Convertible Issue for JKX Oil & Gas (New!)
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ISM Market Research
Great Western Minerals: Q1FY2013 results
JKX Oil & Gas: Strong production data in Russia - R-103 results expected in 3Q13
Paladin Energy: Q3FY2013 results - we maintain our cautious stance
Lonrho: Marginally weak 1Q13 FY13/14 forecasts unchanged
Sintex Industries: FY14/15 forecasts update - maintain hold on SINTIN 7%
Monthly Best Ideas: Apr 13
African Minerals: Risks decline we turn positive on 8.5% 2017 CBs
JKX Oil & Gas: FY13 14 program on track speculative buy on CBs
Lonrho: Weak 2H12 agri in line with guidance limited debt headroom
Great Western Minerals: PEA release - CBs underpinned by asset value
Melia Hotels: New issue - value for both outrights and hedged
Air France: New issue - attractive only on mid-best terms
Monthly Best Ideas: Mar 13
China Hongqiao: FY2012 Results Maintain Buy Recommendation 6.5% 2017 CBs
JKX Oil & Gas: Liquidity constraint addressed attractive prospects in FY13-14
Air Berlin: New issue attractive valuation for outrights with strong conviction on recovery story
Paladin Energy: Q2FY2013 results we turn more cautious due to weak U308 prices
Abengoa: Mid-term credit risk acceptable value in the ’19 CB for hedged accounts
Lonrho agribusiness disappoints: FY13-FY14 forecasts update
Monthly Best Ideas: Jan 13
Astaldi new issue: Aggressively priced even on best terms
Grupo Villar OHL new issue: Attractive valuation but limited visibility on credit
Sintex Industries improving cashflows: Positive signs in monolithic
ENI SNAM new issue: Unattractive even on best terms
Abengoa new issue: Attractive for hedged accounts with access to borrow & existing holders of the 2014 CB
Beni Stabili: New issue
China Hongqaio, Indonesian JV announced: Maintain buy on HONGQI 6.5 2017
Monthly Best Ideas: Dec 12
Essar Energy, 1H13 results: credit update
Talvivaara refinancing risk on 2013 convertible bond is manageable
Gulf Keystone: Speculative buy on high risk reward oil play
Monthly Best Ideas: Oct 12
Nokia OYJ: New issue
Sportingbet plc, post WMH offer: Value remains for outright investors
Steinhoff credit update: Convertible bonds are fair value
Gulf Keystone: New issue
Sportingbet plc: Buy June 2016 7% convertible bonds
China Honqiao: Outright accounts should revisit the HONGQI 6.5 2017 convertible
Monthly Best Ideas: Sep 12
Subsea 7: New issue
Unibail: New issue
Steinhoff: New issue
Sportingbet plc: WMH bid
African Minerals: 1H12 results - maintain sell recommendation
Vedanta: Take profit on the Vedanta Sesa & Sterlite CBs
Monthly Best Ideas: Aug 12
Suzlon Energy: Avoid the April '16 CBs
Lonrho: 1H12 mixed results
Petrominerales: Hedged accounts should revisit '17 CB on stock uation reset takeover potential
Paladin Energy: 2015 CB should appeal to outrights, given high recovery & upside on CoC
Agile Property: Outright accounts should sell the Agile 4% '16 convertible
Premier Oil: Positive rockhopper farm-in CB remains rich, we like the equity
Essar Energy: Increased liquidity risk, we expect banks to remain supportive
Vedanta Sesa Sterlite: Merger cleared by shareholders buy the VEDLN 6.75 2016
Monthly Best Ideas: Jun 12
London Mining: 8% 2016 convertible bonds are fair ue
Sportingbet: Q3FY2012 results buy June 2016 7% convertible bonds
Premier Oil: PMO '14 CB slightly rich to theoretical ue add on weakness
Alliance Oil: FY12 production guidance confirmed we reiterate our speculative buy
Paladin Q3 results: Buy Paladin 2017 convertible bonds
Monthly Best Ideas: May 12
Olam International 3Q12 results: We downgrade FY12-13, move to buy on '16 CB
Great Western Minerals: Timely delivery is key to equity ue
Petrominerales 2016: CB downgraded to Hold from Buy
African Minerals: FY2011 results, take profits in Feb 17 convertible
Alliance Oil: Negative headline risk remains, CB looking increasingly attractive
Lonrho: FY12 forecast downgrade, Rubicon announcement in 2-4 weeks
Monthly Best Ideas: Mar 12
TMK OAO: 2015 CB credit cheap to straights - we stay neutral
African Minerals: Buy February 2017 8.5% convertible bonds
Sportingbet: H1 2012 results analysis: Buy June 2016 7% convertible bonds
Steinhoff: Forecast update: 2016 CB cheap to theoretical ue
Vedanta, Sterlite, Sesa Goa: Take profits in convertible bonds
Paladin Energy: Q2 results and liquidity update
Talvivaara: Positive FY11 results we turn neutral on 2013 2015 CBs
Western Areas: H1 2012 results we remove our buy on the 2015 CB
Essar Energy: Speculative buy
European REITS: Mixed outlook Gecina and Unibail stand out
Lonrho: Business update positive event risk in the horizon
Olam: Strong growth profile, attractive convexity on the 2016 CB
Suzlon: We remove our buy recommendation on Suzlon 0% June 2012 bonds
Monthly Best Ideas: Dec 11
Sportingbet PLC: Buy Sportingbet June 2016 7% convertible bonds
Vedanta, Sterlite Industries, Sesa Goa: Review of Vedanta Group bonds
Lonrho PLC: High expectations for 2012 we see ue in the 7% 2015 convertible
Suzlon: Q2 FY2012 results and liquidity update
Steinhoff International Holdings: Limited impact on CB from KAP reverse takeover
Monthly Best Ideas: Attractive yield plays emerge from correction
Talvivaara Mining Co PLC: Model update ue emerging in the 5.25% 2013 CB
European Airlines: Can legacy carriers survive another crisis?
Paladin Energy: Paladin liquidity update following equity placement
Paladin Energy: Paladin FY2012 results
Monthly Best Ideas: Any ue in oil field services CBs ?
Western Areas NL: Solid FY11 results, we lower our nickel price forecast
CFS Retail Property Trust: Strong FY results, buy the 2016 convertible bond
Suzlon: Q1 results and liquidity update
Suzlon: Sale of Hansen stake boosts liquidity
Western Areas NL: Attractive ratchet, catalysts could trigger M&A later this year
Portugal Telecom SGPS: Opportunity to capture Portugal sovereign spread dislocation, we are confident in the credit story
Monthly Best Ideas: Jul 11
Salamander Energy PLC: Bualang continues to deliver with East Terrace discovery, many catalysts remain with 2011 drilling campaign
Paladin Energy: Paladin finds support
TMK OAO: Strong outlook, potential for margin expansion
REI Agro Limited: Marked improvement in profitability, positive on FY12
Bilcare Ltd: Oil taking its toll in Q411 FY12 results to improve
Suzlon Energy Limited: Full year results update
Paladin Energy: Opportunities in Uranium
Wilmar Int'l Ltd: Wilmar set for a strong rebound
Talvivaara Mining Co PLC: Attractive asset but uations look stretched
Petrominerales Ltd: Strong earnings growth, exploration upside
Swiber Holdings Ltd: Attractive CB structure, we expect more contract wins
Steinhoff Intl Holdings Ltd: Buy the strategic shift
Monthly Best Ideas: Mar 11
GTL Infrastructure Limited: Near term catalysts emerging
Maoye / Intime / Parkson: Harnessing China's consumption boom
Monthly Best Ideas Portfolio
Suzlon Energy Limited: Q3 results update
Bilcare Ltd: Ineos integration reshaping the business
GTL Infrastructure Limited: Aggressive growth puts pressure on balance sheet
Hochschild Mining PLC: Recent correction makes HOC an attractive play
Petrominerales Ltd: Significant discovery in the Candelilla structure
Talvivaara Mining Co PLC: Attractive asset but mixed outlook for nickel and zinc
China Green (Holdings) Ltd: Solid H1 2011 results, led by branded beverages
Salamander Energy PLC: Attractive growth profile
Core Projects and Technologies: Opportunity in education
Suzlon Energy Limited: Tilting at windmills
Petrominerales Ltd: Strong credit, attractive assets, supportive technicals
EZRA Holdings Ltd: Management meeting key takeaways
Subsea 7/ Acergy: Industry outlook turning supportive
China Green (Holdings) Ltd: Desk note
Renewable Energy Corp: Prepare for a FiTness test in 2011
Videocon Industries Ltd: Strong market position in electronics: diversifying in oil
Bilcare Limited: 1Q11 results and acquisition of Ineos Films unit
Banco Espirito Santo (BES PL): Are the exchangeables mispriced?
Bilcare Limited: Monument/Bilcare USD54m 7% 2013 exchangeable

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