Ratings downgrades wear some of the blame

It was rating actions that seemed to be behind much of the drama that continued in global financial markets last week. Indeed, Standard & Poor's placing of the B- long term credit ratings assigned.. read more

Bondholders lose on Glitnir bonds

While the UK was moving to deal with the problems of its banking system, the Belgian, French and Dutch governments were dealing with the collapse of the pan-European financial services group, Fortis N.. read more

NAB and Westpac face toughest funding task

Australia's banks will certainly be hoping that global bond markets quickly rebound, as they have almost A$37 billion of bonds issued in international markets, maturing over the next six months. read more

Myriad rating actions in busy week

In the week that was, rating actions were myriad. Starting with Lehman Bros, Standard & Poor's and Fitch Ratings both moved the ratings on the holding company to default after the company applied.. read more

Credit markets caught out with CDS and bonds

On the Monday after Bear Stearns was forced into the arms of JP Morgan Chase (in March 2008), the Aussie iTraxx CDS index hit its widest level of 208 bps and in the three weeks prior to this the index.. read more

Challenger goes public

The structured finance sector of the domestic debt capital market saw most activity last week, in terms of issuance and rating actions. The sector, and primarily RMBS, has made something of a comeback.. read more

No end in sight, or the worst is yet to come

The Bank for International Settlements, the central bankers' central bank, released its September 2008 Quarterly Review last week. One local newspaper (the AFR) misquoted the BIS from one of the artic.. read more

Telstra quick to meet investor demand

The stand-out deal in the debt capital markets last week was the A$1 billion private placement of prime RMBS by St George Bank. The Class A, 'AAA' rated notes were issued by Crusade Trust No.1 of 2008.. read more