Hybrids

• John Kavanagh

ANZ has launched an issue of additional tier 1 securities, seeking A$1 billion or more and with pricing of the hybrids expected to be in a range between 290 and 310 basis points over the bank bill swa.. read more

• John Kavanagh

Westpac has completed the bookbuild for its latest issue of additional tier 1 securities, pricing the issue at a wider margin than the margins on recent issues by NAB and ANZ. read more

Commonwealth Bank has sold its Indonesian subsidiary PT Bank Commonwealth to PT Bank OCBC NISP Tbk. read more

• John Kavanagh

Judo Bank has entered the additional tier 1 securities market, with an issue whose indicative pricing is the highest ever for hybrid securities issued in Australia. read more

• John Kavanagh

In a worst-case scenario, where APRA cuts the level of hybrid capital in a bank’s minimum regulatory capital to zero, the big banks would need to raise around A$17 billion of capital, an analyst has e.. read more

• John Kavanagh

The design of hybrid securities issued by Australian banks may be about to change, with APRA saying it is concerned some current product features and market practices “create significant challenges or.. read more

• John Kavanagh

NAB has launched an issue of hybrid securities, targeting a capital raising of A$1 billion or more with an expected margin of 280 to 300 basis points over the 90-day bank bill swap rate. read more

• John Kavanagh

Commonwealth Bank has launched an issue of hybrid securities, targeting a capital raising of A$750 million or more with an expected margin of 300 to 320 basis points over the bank bill swap rate. read more

• John Kavanagh

The write-off of Credit Suisse’s hybrid securities last month drove a sell-off in the Australian hybrid market in March. read more

• John Kavanagh

The biggest impact of bank failures in the US and Europe on local banks looks likely to be significant erosion of margin caused by higher wholesale and deposit funding costs. read more

• Banking Day staff

Tyro Payments has reached an in-principle settlement of a class action over terminal outages in January 2021. read more

• John Kavanagh

Bank of Queensland has launched an issue of hybrid securities, seeking $300 million or more of capital and with expected pricing of 340 to 360 basis points over the three-month bank bill swap rate. read more

• Banking Day staff

Commonwealth Bank has allocated A$1.77 billion of its latest hybrid issue, PERLS XV, on a firm basis and set the margin at 2.85 per cent over the three-month bank bill swap rate. read more

• John Kavanagh

The latest big-bank hybrid issue, CommBank PERLS XV Capital Notes, looks like being priced at a significantly tighter margin than pricing of the last round of issues in June. read more

• Banking Day staff

The NZ Government has quietly introduced plans to extend the GST net to include KiwiSaver and other funds management fees. read more

• John Kavanagh

ASIC has used its stop order powers under the Design and Distribution Obligation for the first time, ordering three firms to stop issuing their investment products. read more

• Banking Day staff

Funding costs for large financial institutions continue to rise, with Macquarie Group launching a hybrid issue, Macquarie Group Capital Notes 6, with a margin expected to be 370 to 390 basis points ab.. read more

• John Kavanagh

Banks funding costs are rising sharply, with Westpac launching a hybrid issue that looks like being priced at a margin 70 basis points higher than big bank hybrid issuance just four months ago. read more

• John Kavanagh

NAB has launched an issue of capital notes with indicative pricing between 315 and 335 basis points over the bank bill rate – 40 bps above the margin for Commonwealth Bank’s hybrid issue in March. read more

• John Kavanagh

In an Australian capital market first, an issuer of hybrid securities has converted capital notes into ordinary shares under mandatory conversion provisions. read more