Queensland loses AAA crown 23 February 2009 5:33PM NSW Treasury Corp was also active offshore, raising £250 million in the sterling market for 30 years. But in a move that will make bond issuance much more expensive for Queensland, and further erode.. read more
BNZ taps NZ government guarantee 23 February 2009 5:33PM Bank of New Zealand last week became the first bank to issue in the New Zealand domestic market with a government guarantee. The bank raised NZ$180 million for five years at a margin of 80 basis point.. read more
MBIA splits itself in two 23 February 2009 5:31PM The monoline insurer, MBIA Insurance Corporation, restructured during the week, dividing its financial insurance operations in two. MBIA Insurance Corporation of Illinois will take over MBIA's municip.. read more
Some structured finance vehicles are performing well 23 February 2009 5:30PM In the structured finance sector, S&P raised by one notch all ratings assigned to the subordinated tranches of Series 2005-1 and Series 2006-1 REDS EHP Trusts notes and affirmed the 'AAA' ratings.. read more
Locally, results reporting drove most rating actions 23 February 2009 5:30PM In the local market Moody's lowered its ratings on Qantas and Telecom New Zealand and revised the rating outlooks on Reliance Rail Finance and Amcor to negative. S&P also changed its rating outloo.. read more
Fletcher Building achieves 80 per cent retail participation 16 February 2009 6:04PM Staying in New Zealand, Fletcher Building advised on Monday that it had closed its NZ$100 million capital note issue, launched in November, on the Friday before. The issue was oversubscribed to the ex.. read more
Samurai window closed already 16 February 2009 6:04PM ANZ kicked off issuance for the week as expected, with the pricing of its ¥150 billion wholesale Samurai bond issue on Tuesday. This was followed the next day with the pricing of a ¥30 billion retai.. read more
Structured finance outlook 16 February 2009 6:03PM Turning to the securitisation market, Members Equity Bank became the first to undertake a mortgage securitisation this year. The bank internally securitised $114 million of its own mortgages to be hel.. read more
Rio Tinto divides the rating agencies 16 February 2009 6:00PM Rio Tinto's announcement of its strategic alliance with Chinalco provoked a mixed reaction from the rating agencies. Moody's Investor Service was at one end of the range and Standard and Poor's at the.. read more
Debt capital inexpensive relative to equity 09 February 2009 5:56PM So, what is the cost of the equity that is currently being raised to replace debt? Using the Capital Asset Pricing Model it is not hard to work out what it is in normal market conditions. During the w.. read more