Some life in the RMBS market 08 December 2008 5:47PM 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 08 December 2008 5:46PM 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
Sober money markets contrast with equity rally 01 December 2008 5:46PM Fears of another calamitous market meltdown like that that followed the collapse of Lehman Bros in September led to the late Sunday afternoon (US time) rescue of Citigroup. read more
Domestic, guaranteed bond issuance likely to be best 01 December 2008 5:45PM Last week some of the largest banks in the US were finally able to avail themselves of viable guarantees from the Federal Deposit Insurance Commission and issue triple-A rated bonds in large volumes. read more
Money markets priced for steep cut in cash rate 01 December 2008 5:45PM The TED spread, the spread between US three-month, Libor and Treasury bill yields, finished the week at 218 basis points. At its widest in early October, it reached almost 450 bps as Libor was more th.. read more
Telstra bypasses CP market 01 December 2008 5:44PM 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 01 December 2008 5:43PM 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 01 December 2008 5:43PM 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 01 December 2008 5:41PM 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 01 December 2008 5:40PM 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