Queensland loses AAA crown

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

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

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

Samurai window closed already

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

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

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

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