Credit spreads contracting for banks 07 September 2009 4:41PM Credit spread contraction is occurring and is evident in the A$1.35 billion, four-year bond sold last week by Commonwealth Bank. CBA bank priced A$850 million of fixed rate bonds and A$500 million of.. read more
NZDMO struggles again 07 September 2009 4:40PM Over the course of this year the New Zealand Debt Management Office has had a few less than successful bond tenders, and it is just two weeks since a Treasury bill tender failed. read more
ME Bank stirs RMBS market 07 September 2009 4:40PM Are conditions improving in the structured finance sector or not? There seems to be a lot of conflicting evidence around of late, as has been reported here over the last few weeks. read more
Future Fund provides asset allocation lessons 07 September 2009 4:39PM The Future Fund released a portfolio update on Friday that revealed, among other things, a A$12.5 billion investment in debt securities, as at the end of June, and up about $1 billion over the quarter.. read more
Pricing narrows on subordinated bank debt 07 September 2009 4:38PM ANZ last week tapped the Euromarket with a ten-year, lower Tier II, subordinated bond issue. The ANZ raised €750 million at mid-swaps plus 175 basis points. read more
Westpac reliant on guarantee in US market 07 September 2009 4:37PM Possibly hoping to demonstrate an ongoing need for a government guarantee, Westpac last week undertook the largest government-guaranteed bond issue in the US s144A market yet. Westpac raised US$3.5 bi.. read more
CBA dominates the US s144A market 07 September 2009 4:36PM The US s144A market has become very popular with Australian borrowers since the onset of the GFC and the Euromarket has been almost shunned. The Euromarket has traditionally been Australian borrowers'.. read more
Mortgage arrears improve over June quarter 07 September 2009 4:35PM Moody's Investor Service last week published arrears data for prime and non-conforming mortgage-backed securities to the end of June 2009. Arrears in excess of 30 days on prime RMBS fell to 1.32 per c.. read more
Freedom of speech no longer a defence for ratings agencies 07 September 2009 4:35PM The credit rating agencies have long relied on the first amendment to the US constitution 'freedom of speech' defence to deter law suits over their credit opinions. However, the Wall Street Journal re.. read more
Westfield and Foxtel tap US debt market 31 August 2009 4:46PM In what was effectively the last week of the month, issuance activity in the debt capital market last week was mostly offshore and mostly in the US. As of the close of business on Friday, offshore iss.. read more