Odd Telstra bond drops out 30 November 2009 5:44PM Reports emerged the week before last of an improbable bond issue by Telstra in the domestic market. The Financial Review had reported that Telstra was looking to sell A$500 million of ten-year bonds a.. read more
RAC and ruin 30 November 2009 5:43PM Early last week, Standard & Poor's released a report entitled "S&P Ratio Highlights Disparate Capital Strength Among The World's Biggest Banks" and sparked a bit of local controversy with many.. read more
Severe arrears a problem for two lenders 30 November 2009 5:42PM Lower interest rates may be curing the mild arrears problems of many lenders but the more outlandish lending practices of a couple of niche funders in the lead up to the credit crisis mean there are a.. read more
Kangaroo issuance is not enough to help 23 November 2009 5:55PM There was some kangaroo issuance in the domestic market that unfortunately was too small to have any offsetting impact on the basis swap. Council of Europe Development Bank added A$400 million to its.. read more
Basis swap becoming the price we will have to pay 23 November 2009 5:55PM Despite a seemingly ever widening basis swap dramatically increasing the cost of offshore bond issuance, the major banks ramped up their offshore issuance last week. Westpac, National Australia and Co.. read more
Returning risk aversion 23 November 2009 5:54PM Risk aversion clearly seems to have returned to financial markets. The sell-off seen in equity markets has been mirrored in increasing demand in government bond markets. read more
S&P takes a stand 23 November 2009 5:53PM This column noted last week ASIC's changes to its regulation of credit rating agencies in Australia and observed that the changes appeared largely benign with one exception - an apparently major excep.. read more
Restricting access to credit opinions awkward 23 November 2009 5:52PM There is a lot at stake in the tussle between credit ratings agencies and the investment regulator. ASIC is keen to promote the use of credit ratings, particularly so that retail investors can be bett.. read more
Borrowers less willing to pay for a rating 23 November 2009 5:51PM The reluctance of credit ratings agencies to promote their views to a wider audience is a backward step in the creation of a better retail investor market for debt securities. The existence of credit.. read more
ABS report flow timed for ASF conference 23 November 2009 5:50PM Fitch released a flurry of reports on the securitisation sector last week, no doubt timed to coincide with the Australian Securitisation Forum's annual conference, held in Sydney. The Fitch quarterly.. read more