I contacted Macquarie Friday and got a reply the same day from the head of investor relations who stated:
"We have no major refinancings until May 2010 and we will address this well in advance of this date."
This inspires confidence in the group, as does their investor presentation (May 16) which shows that the majority of their debt is hedged and they have locked in interest rates at an average of 6.36% accross the portfolio.
I don't have any doubts in the performance of the share in the long term, but with the irrational behaviour of the market at the moment the short term is more uncertain.
In these tough times you would think that people would invest in more defensive stocks with high dividends, but it is not what I am witnessing. Huge amounts of money are being poored into speculative stocks with no or very low dividends, some of those companies are not even in production - casinos are experiencing a decline around the world (which is a surprise as they usually do well in these times), have the gamblers flocked to the stock markets instead?
MCG
macquarie communications infrastructure group
