Briefs: Aussie dollar fall a boost to big bank balance sheets, NYSE Euronext to administer Libor, CN
Bloomberg reports that the Australian dollar's decline this year will add about A$7 billion to ANZ's balance sheet. Under cross-currency swaps linked to debt issued in foreign markets, counterparties return collateral as the currency falls. The report quoted ANZ chief financial officer Rick Moscati, saying that the falling dollar reduced the amount of debt the bank needed to issue offshore. The reported quoted JP Morgan banking analyst Scott Manning, saying that the other big Australian banks would also benefit but to a lesser degree. NYSE Euronext will take over the administration of Libor from early 2014, the British Bankers Association says. The appointment of the new administrator follows the Wheatley Review, which was set up following the revelations of attempts to manipulate Libor. The BBA will continue to foster the Interim LIBOR Oversight Committee, which was established two months ago. CNH Capital Australia has launched an issue of asset-backed securities, seeking A$400 million of funding. The collateral supporting the issue includes chattel mortgages, finance leases and hire purchase agreements secured by agricultural and construction equipment. CNH Capital Australia Receivables Trust Series 2013-1 is the group's eighth ABS issue.