An underperforming domestic money market

Conditions in global money markets continued to ease last week although one could be excused for thinking the picture was not quite so clear here in Australia, but then it often depends on what measur.. read more

Short selling in the CDS market

While conditions are easing in the money markets the same cannot be said of credit markets and the CDS market in particular. The Aussie iTraxx index closed at a new record wide of 386 basis points on.. read more

Bond issuance continues apace in New Zealand

As flagged a couple of weeks ago, Auckland International Airport announced the sale of NZ$80 million of bonds last week and is now seeking oversubscriptions of NZ$50 million. The bonds, the first sold.. read more

Ratings downgraded for Heritage and ING

A significant increase in debt funded inventory levels at a time of stretched credit markets and an over reliance on short term bank lines to fund its business, prompted Standard & Poor's to revis.. read more

Aussie dollars remain in short supply offshore

Last week saw the Reserve Bank of Australia stun everyone with a full one percentage point cut in the official cash rate to 6.0 per cent. This was quickly followed by a co-ordinated 50 basis points cu.. read more

Scrap prices for Lehman CDS

Holders of the A$600 million of August 2011 bonds issued by Lehman Bros will not be pleased to learn that the settlement of Lehman's CDS on Friday night determined Lehman's senior debt was worth only.. read more

Kiwi bond market ticking over

The corporate bond market in New Zealand just keeps on going, no matter what (or thanks to a favourable euro basis swap and a flight to quality). There were a further three issues last week, all from.. read more