Suncorp Bank has competed its second covered bond transaction, issuing A$350 million of ten-year fixed-rate notes at a margin of 135 basis points over the ten-year asset swap. Suncorp Bank chief financial officer David Carter said the bonds were taken up by 28 investors, with bids totalling $400 million. ANZ, Deutsche Bank, NAB and UBS were joint lead managers for the transaction. Indian business couple Pankaj and Radhika Oswal's A$1.5 billion-plus lawsuit against the ANZ is going ahead after the parties failed to reach a settlement at talks yesterday, The Australian reports. The couple claim the bank seized and sold their Burrup Fertiliser empire for an undervalued price in 201011 after a dispute over hundreds of millions in debt. In turn, the bank accuses the Oswals of misappropriating $150 million from Burrup and spending the money on luxury cars, property (including the as-yet-unfinished "Taj on Swan" mansion in Perth) and Mrs Oswal's chain of vegetarian restaurants. Mrs Oswal was set to give evidence in the morning but the hearing was delayed until 2.15pm by the talks. Fitch Ratings has assigned ratings to the Q Card Trust's class A Series 2016-1 floating-rate notes. These are notes backed by credit card receivables, and originated by Consumer Finance Limited, a subsidiary of Fisher & Paykel Finance Limited. The notes are being issued to refinance maturing class A Series 2014-1 notes of the same amount. The ratings for the top tranche NZ$89.5million; Class A1a notes: 'AAAsf'; Outlook Stable. The transaction has a collateral pool of NZ$377 million of consumer receivables, comprising 208,000 active customers with an average balance outstanding of approximately NZD1,800. BMW has been so desperate to move its luxury cars off their lots that its own finance company willingly gave loans to people with zero or even negative disposable incomes, all the while accepting false loan documents, The Age reports. "BMW [Australia Finance] has not demonstrated a satisfactory level of organisational competency necessary to engage in credit activities efficiently, honestly and fairly," according to a review by Ernst & Young - the first of four ordered by the Australian Securities and Investments Commission after earlier breaches of BMW's credit licence saw the car company's finance arm fined A$697,000. The former head of Westpac's retail bank, and now CEO of of peer-to-peer lender SocietyOne, Jason Yetton, has backed the call by ANZ's new head of digital banking Maile Carnegie, that big banks will have to lift the pace of innovation, the AFR reports. This was in order to fend off disruption from fintech companies seeking a growing slice of their billions of dollars of profits.