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Tuesday, 16 January 2018

John Weavers' s stories

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  • The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney, Australia.

    NAB to introduce Green RMBS

    Structured Finance | 12 January 2018

    National Australia Bank is marketing a securitisation of Australian mortgages that will include the first Green RMBS tranche in Asia-Pacific, adding to the growing market for environmentally friendly securities Down Under.

  • Businessmen use their phones as they stand in the central business district of Sydney in Australia.

    Aussie majors rush back to bonds

    Bonds | 12 January 2018

    Australia’s four major banks have locked in almost US$10bn of wholesale funding at tight spreads in the first two weeks of 2018, even though their borrowing requirements are declining.

  • Commonwealth Bank (CBA) CEO Ian Narev appears at a news conference announcing the bank's full year results in in Sydney, Australia.

    CBA pushes Tier 2 limits

    Top News | 05 January 2018

    Commonwealth Bank of Australia pushed the boundaries of the US dollar market for Australian bank capital last Wednesday with a US$1.25bn 30-year bullet Tier 2, the first public offering of its kind from the Asia-Pacific region.

  • EIB breaks Green bond record Down Under

    Bonds | 05 January 2018

    The European Investment Bank (Aaa/AAA/AAA) drew broad support for last Wednesday’s A$750m (US$585m) five-year Climate Awareness Bond (CAB), the largest Green bond sale on record in Australian dollars from a sovereign, supranational or agency issuer.

  • Asia-Pacific Structured Finance Issue: Latitude's Credit Card Loan Note 2017-1

    All Special Reports | 15 December 2017

    In a bumper year for Australian asset-backed financings, the country’s first master-trust securitisation stands out as a game-changer.

  • Vodafone prints European Kangaroo record

    Bonds | 08 December 2017

    Australia’s booming corporate bond market reached another milestone last Friday, when UK mobile network operator Vodafone Group (Baa1/BBB+/BBB+) issued the biggest Kangaroo from a non-financial European company.

  • Australian dollar and U.S. dollar denominations are shown in a photo illustration at a currency exchange in Sydney, Australia.

    Australia loses yield advantage

    Bonds | 01 December 2017

    Robust offshore demand, especially from Asia, has helped power Australia’s bond market to new issuance records this year, but ongoing spread compression with US rates is now calling this advantage into question.

  • A worker sprays water over piles of coal as a bulldozer shifts coal at Mundra Port Coal Terminal in the western Indian state of Gujarat.

    Adani Abbot attempts hard sell

    Top News | 24 November 2017

    Adani Abbot Point Terminal is marketing its first US dollar bonds amid continued criticism of its parent’s Australian coal projects.

  • Pedestrians stand outside a branch of the Commonwealth Bank of Australia (CBA), Australia's biggest bank by market value, in central Sydney, Australia.

    CBA prints rare major RMBS

    Structured Finance | 17 November 2017

    Commonwealth Bank of Australia issued its second home loan securitisation of the year on Friday, adding to a bumper year of supply, despite the market being shunned by the country’s other major banks.

  • Pressures ease for Aussie majors

    Pressures ease for Aussie majors

    Bonds | 10 November 2017

    The latest results from Australia’s four major banks reveal a further strengthening in capital positions that is expected to limit domestic Additional Tier 1 note issuance to rollover requirements.

  • Australia faces DCM headwinds

    Australia faces DCM headwinds

    Bonds | 03 November 2017

    Australia’s booming bond and securitisation markets are expected to lose momentum next year as a lack of M&A activity, a slowing housing market and buyside factors weigh on debt issuance.

  • The logo for Australia's biggest electricity network Ausgrid adorns the headquarters building in central Sydney, Australia.

    Corporate bonds on a roll Down Under

    Bonds | 27 October 2017

    Australia’s booming corporate bond market broke new ground last week with its largest domestic issue and first 15-year Kangaroo, taking year-to-date supply to A$17bn (US$13.2bn), further ahead of the A$12bn annual record set in 2012.

  • Australia banks settle interest rate lawsuits

    People & Markets | 27 October 2017

    A federal court hearing on allegations of interest-rate rigging against three of Australia’s four major banks has been delayed after two of them sought settlements with the government.

  • Rio Tinto CEO Jean-Sebastien Jacques poses for photographs before announcing Rio Tinto's 2017 first-half results in London, Britain.

    Rio Tinto faces fraud allegations

    Top News | 20 October 2017

    The US Securities and Exchange Commission last Tuesday charged Rio Tinto and two of its former top executives with fraud, saying they inflated the value of coal assets in Mozambique and concealed critical information while tapping the market for billions of dollars.

  • Adani Abbot Point Terminal toils to find bookrunners

    Emerging Markets | 13 October 2017

    Adani Abbot Point Terminal, a subsidiary of India’s Adani Group, has struggled to find heavyweight bookrunners for a planned benchmark US dollar bond offering to refinance its domestic Australian dollar November 1 2018 MTN, according to DCM bankers in Sydney.

  • Australia sets ABS record

    Australia sets ABS record

    Structured Finance | 13 October 2017

    Australia has set a post-global financial crisis high for asset-backed securities after last week’s RMBS sales from Heritage Bank and Citigroup took year-to-date issuance to A$30.9bn (US$24.0bn), exceeding 2014’s previous annual record of A$30.8bn.

  • Australia readies record tender

    Bonds | 06 October 2017

    The Australian Office of Financial Management is set for its largest Treasury bond tender with a A$3.5bn (US$2.75bn) offer that will establish a new five-year sovereign benchmark.

  • A sign for the 'Deutsche Bahn' building is pictured near main train station in Erfurt, Germany.

    Deutsche Bahn broadens Kangaroo market

    Bonds | 22 September 2017

    Deutsche Bahn pushed this year’s record tally of Australian corporate bond offerings further down the track on Thursday with a A$600m (US$480m) Kangaroo debut, the biggest so far for a European corporate issuer.

  • Shoppers walk past the logo for Westpac Banking Corp, Australia's second-biggest bank by market value, in central Sydney, Australia.

    Westpac goes Global for AT1 boost

    Bonds | 15 September 2017

    Westpac Banking Corp took full advantage of global appetite for high-yielding assets last Tuesday to raise US$1.25bn of Additional Tier 1 capital on better terms than available in its Australian home market.

  • Westpac

    Westpac goes global for AT1 boost

    Ticker | 13 September 2017

    Westpac Banking Corp took full advantage of global appetite for high-yielding assets on Tuesday to raise US$1.25bn of Additional Tier 1 capital on better terms than are available in its Australian home market.

  • Aussie corporates tap offshore demand

    Bonds | 08 September 2017

    Australian companies reaffirmed the allure of the offshore markets for long-term funding over the past week, despite signs that domestic investors are growing more interested in corporate credit.

  • A man and power lines are reflected in a Telstra poster adorning a public telephone in Sydney, Australia.

    Telstra's A$5.5bn ABS plans crumble

    Top News | 01 September 2017

    Telstra’s funding programme took a A$5.5bn (US$4.4bn) hit last week when Australia’s largest telecoms company was forced to scrap plans for a securitisation of revenues from the government’s National Broadband Network.

  • Market raises glass to AB InBev

    AB InBev cheers Aussie market

    Top News | 25 August 2017

    Global beer giant Anheuser-Busch InBev quenched Australia’s growing thirst for high-quality corporate debt last week with a A$1.95bn (US$1.54bn) four-tranche bond issue, the third-biggest in the Australian dollar market.

  • Kiwibank wins capital reversal

    Bonds | 18 August 2017

    Kiwibank has had reversed a central bank ruling that struck out NZ$250m (US$181m) of its regulatory capital.

  • New Zealand questions AT1 format

    People & Markets | 18 August 2017

    New Zealand’s central bank has issued a stinging critique of Additional Tier 1 capital, casting doubt over the value of a product designed to safeguard the global financial system.

  • Expanding buyside boosts Aussie bonds

    Bonds | 11 August 2017

    Two years after Apple’s debut put Australia’s domestic market on the global map, another jumbo Kangaroo bond issue from a major US borrower has renewed hopes of further growth Down Under.

  • Verizon takes round-the-world trip

    Bonds | 04 August 2017

    Telecoms giant Verizon embarked on something of a round-the-world trip last week, raising funds in the US domestic market before ending up in Australia, by way of Taiwan.

  • IFC opens Kiwi Green market

    Bonds | 28 July 2017

    International Finance Corp became the first issuer of Green bonds in New Zealand dollars with last Friday’s enlarged NZ$125m (US$94m) 10-year Kauri sale.

  • ACU unlocks 'good cause' premium

    Bonds | 28 July 2017

    Australian Catholic University, rated Aa2 by Moody’s, broke new ground with last Tuesday’s A$200m (US$158m) sale of 10-year sustainability bonds, which suggests Australian investors are willing to pay a “good cause” premium for such issues.

  • Australia raises bank capital ratios

    People & Markets | 21 July 2017

    Australia’s big four banks breathed sighs of relief last week after the latest review of capital requirements dampened fears of a shortfall in their common equity ratios.

  • CBA uncovers 30-year sweet spot

    Bonds | 07 July 2017

    Commonwealth Bank of Australia (Aa3/AA–/AA–) looks certain to encourage copycat ultra-long issuance from other Australian banks, after breaking new ground with last Thursday’s hugely popular 30-year US dollar bond issue.

  • Aussie banks fight back against levies

    People & Markets | 07 July 2017

    Australia’s highly profitable lenders are fighting back against proposed bank levies aimed at shoring up government finances.

  • CBA uncovers 30-year sweet spot

    Ticker | 07 July 2017

    Commonwealth Bank of Australia (Aa3/AA–/AA–) looks certain to encourage copycat ultra-long issuance from other Australian banks, after breaking new ground with a hugely popular 30-year US dollar bond.

  • bonds

    CBA taps new 30-year sweet spot

    Ticker | 07 July 2017

    Commonwealth Bank of Australia (Aa3/AA–/AA–) broke new ground with Thursday’s innovative and hugely popular 144A/Reg S 30-year trade that looks certain to encourage copycat ultra-long issuance from other Australian banks and offshore lenders.

  • AOFM logo

    AOFM sells A$800m 2019 tender to single buyer

    Ticker | 05 July 2017

    The Australian Office of Financial Management raised eyebrows this morning when it allocated today’s entire A$800m (US$608m) tender of 3.25% April 21 2029 ACGBs to a single investor at a yield of 2.72%. 

  • BoQ delivers covered debut

    Bonds | 30 June 2017

    Bank of Queensland paid a hefty premium over its larger peers on its long-awaited euro covered bond debut last Thursday, becoming the first non-European issuer to launch a benchmark using the conditional pass-through structure.

  • Eclipx drives rare Kiwi ABS

    Structured Finance | 30 June 2017

    Eclipx Group, a diversified Antipodean financial services company, made a smooth entrance into New Zealand’s sparsely populated securitisation market with last Thursday’s upsized and tightly priced NZ$224.4m (US$164m) auto loan trade through FP Ignition Series 2017-B Trust.

  • Kangaroo in Western Austrlia

    Moody's warns on Aussie housing

    Top News | 23 June 2017

    Fears of an impending Australian housing crash resurfaced last week after Moody’s downgraded the country’s Big Four lenders, though the market response was notably muted.

  • The Westpac bank building is pictured in central Sydney

    No downgrade pushback seen for Westpac US$1.5bn five-year

    Ticker | 22 June 2017

    Westpac (Aa3/AA–/AA–) raised US$1.5bn from a dual-tranche five-year SEC-registered bond offering on Wednesday, with a syndication manager reporting no investor pushback whatsoever as a result Moody’s downgrade on Monday.

  • Aurizon Holdings logo

    Huge demand for Aurizon

    Ticker | 15 June 2017

    Aurizon Network, rated Baa1/BBB+ (Moody’s/S&P), attracted an impressive order book of over A$1.45bn (US$1.09bn), from more than 100 accounts, for Wednesday’s A$425m sale of seven-year medium-term notes. 

  • Warnings over Aussie mortgages

    People & Markets | 09 June 2017

    Fears of a correction in Australia’s housing market are growing even after the country chalked up 103 consecutive quarters without a technical recession.

  • Kangaroo/Pence

    Downgrade rocks Australia's Liberty

    Top News | 26 May 2017

    A mass downgrade of Australian financial institutions last week left Liberty Financial facing an immediate increase in borrowing costs.

  • ireworks explode over the Sydney Opera House and Harbour Bridge

    Australia retains Triple A ratings

    Ticker | 17 May 2017

    Australia has retained its coveted position as one of only 10 countries with Triple A ratings from all three main agencies, after S&P today reaffirmed the sovereign’s AAA status, with a negative outlook. 

  • Budget levy hits Australian majors

    People & Markets | 12 May 2017

    Australia’s major banks suffered dual blows last week, with an annual budget imposing a 6bp levy on their liabilities coming a day after a new inquiry was announced into banking competitiveness.

  • Volkswagen makes happy ABS return

    Structured Finance | 12 May 2017

    Volkswagen Financial Services achieved a very strong outcome from last Thursday’s A$466m (US$343m) issuance of Driver Australia Four Trust Auto asset-backed securities.

  • VW

    Volkswagen secures happy ABS return

    Ticker | 12 May 2017

    Volkswagen Financial Services secured a very strong result from last Thursday’s A$466m issuance of Driver Australia Four Trust Auto asset-backed securities.

  • Australian flag is planted on a sandbag wall protecting a business on a flooded street in Brisbane.

    Australian major banks hit by budget levy

    Ticker | 10 May 2017

    Australia’s major banks suffered a blow on Tuesday as the annual budget imposed a 6bp levy on their liabilities, a day after a new inquiry was announced into banking competitiveness. 

  • Kommunalbanken sign

    KBN to reopen stalled Kauri bond market

    Ticker | 08 May 2017

    Kommunalbanken Norway is about to reopen the Kauri bond market with a NZ$50m (US$34m) minimum tap of its August 20 2025 line, the market’s first offering since February 23. 

  • Kauri slowdown worsens

    Bonds | 05 May 2017

    Kauri supply has slowed further this year as spreads over US Treasuries continue to shrink, with four sovereign, supranational or agency issuers raising just NZ$1.3bn (US$910m) from five trades.

  • QBE breaks environmental ground

    Bonds | 21 April 2017

    Australia’s QBE Insurance Group opened the Green bond market to the insurance sector last Thursday with the first public offering of Green bonds in a major currency.

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