Some life in the RMBS market

The optimism of Challenger Mortgage Management when it sized its Challenger Millennium Series 2008-2 Trust RMBS issue at $750 million was clearly not misplaced. Challenger surprised the market when th.. read more

Government guarantee good for all bank ratings

Early in the week Moody's Investor Service announced that with the passing of the appropriation bill, which gives the federal government unlimited borrowing powers to finance any claims made under its.. read more

Telstra bypasses CP market

There was some moderate activity in the domestic credit market last week. GPT Group made the curious announcement that it would stand in the market to buy back its March 2009 bonds in entirety. There.. read more

South Canterbury Finance tests NZ guarantee

Across the ditch, Fletcher Building Finance Limited launched an issue of subordinated, unsecured capital notes. Fletcher is looking to raise NZ$100 million and will accept over subscriptions of a furt.. read more

Bendigo loses AAA rating on TORRENS trust

Standard & Poor's downgraded the Class A tranche of RMBS issued by TORRENS Series 2008-1 Trust to 'AA' from 'AAA' due to a recent change in criteria, which says that 'AAA' ratings can no longer be.. read more

Fitch leads on Citigroup and Rio Tinto

Not surprisingly Citigroup and Rio Tinto were the subjects of rating action by the big three rating agencies last week. Following the US$326 billion rescue of Citigroup, Fitch Ratings moved on Monday.. read more

Credit wrappers under rating pressure again

Offshore, S&P again lowered the insurer financial strength rating assigned to credit wrapper, Financial Guaranty Insurance Co to 'CCC' from 'BB' and removed the rating from CreditWatch with negati.. read more