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Tuesday, 17 July 2018

John Weavers' s stories

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  • Westpac bank branch

    Westpac reopens senior unsecured euro market for Aussie banks

    Ticker | 10 July 2018

    Westpac Banking Corporation (AA3/AA–/AA–) took advantage of favourable cross–currency basis swap levels and some scarcity value to print the first senior unsecured euro-denominated bonds by an Australian bank since the start of the damning Royal Commission into banking practices back in March.

  • Crowds watch projections on the sails of the Sydney Opera House during the official start of Vivid Sydney, promoted as the world’s largest festival of light, music and ideas, in Sydney.

    Australian RMBS lose altitude

    Structured Finance | 29 June 2018

    The Australian RMBS market has slowed from last year’s record-breaking pace, with A$12.9bn (US$9.5bn) raised from 15 trades so far this year, down nearly 16% from a year ago, according to Thomson Reuters data.

  • Circus Oz performers dressed as red kangaroos pose for pictures at Darling Harbour in Sydney.

    Tax pledge to boost Aussie bonds

    Top News | 22 June 2018

    Australia’s under-utilised bond market may receive a welcome fillip if the opposition Labor Party, which is ahead in the polls, wins the next federal election.

  • Avanti prints rare Kiwi RMBS

    Structured Finance | 15 June 2018

    Avanti Finance gave the New Zealand securitisation market a welcome shot in the arm last Tuesday with only the fifth issuance of residential mortgage-backed securities since the global financial crisis.

  • AMP gets push-back on Swiss bond

    Bonds | 08 June 2018

    Swiss investors appeared to push back on AMP Group’s bond offering last Tuesday as the scandal-hit Australian financial services company sold a debut SFr110m (US$112m) 4.5-year note.

  • A 'For Sale' sign for an entire block of a city is seen in the Broadbeach area of The Goldcoast, Australia.

    Mixed fortunes for Aussie REITs

    Bonds | 01 June 2018

    An increasingly cautious outlook for the Australian property market helps explain the contrasting fortunes of two recent bond offerings from listed property trusts.

  • Australia's Westpac Banking Corp's Chief Executive Officer (CEO) Brian Hartzer speaks during a media conference in Sydney, Australia.

    Westpac NZ on European mission

    Bonds | 25 May 2018

    Westpac New Zealand is about to test European demand for Antipodean bank issuance in the wake of the headline-grabbing scandals exposed by the Australian inquiry into bank practices.

  • A Tigerair Australia plane sits on the tarmac near Virgin Australia aircraft at Melbourne's Tullamarine International Airport, Australia.

    Virgin birth for Aussie HY

    Bonds | 18 May 2018

    Virgin Australia Holdings has pushed Australia’s developing high-yield bond market further down the credit curve with the first low Single B rated offering.

  • Aroundtown ventures Down Under

    Bonds | 13 April 2018

    German property group Aroundtown, rated BBB+ (S&P), is set to become the latest European corporate to access the Kangaroo market.

  • Mackay exposes Aussie HY risks

    Mackay exposes Aussie HY risks

    Bonds | 29 March 2018

    Australia’s expanding high-yield and unrated bond market received a reality check when Mackay Sugar effectively defaulted on its A$50m (US$38.5m) 5.25% April 5 2018 note, having sought and secured a 12-month extension from bondholders.

  • Macquarie

    Macquarie Group raises US$1.75bn in challenging US market

    Ticker | 20 March 2018

    Macquarie Group (A3/BBB/A–) tackled a challenging market backdrop to sell a US$1.75bn three-part 144A/Reg S bond through a blue-chip line-up of US bookrunners, comprising Bank of America Merrill Lynch, Citigroup, HSBC, JP Morgan and Wells Fargo, as well as the issuer’s own syndication team.

  • New Zealand's Finance Minister Grant Robertson reacts during an interview in his office in Wellington, New Zealand.

    Record demand for Kiwi sovereign

    Bonds | 16 March 2018

    New Zealand attracted a record order book in excess of NZ$5bn (US$3.7bn) for its first syndicated sovereign nominal bond offering in 19 months last Tuesday as investors fought for a slice of the scarce government paper.

  • Thumbs down for Kiwi proposal

    Structured Finance | 16 March 2018

    The Australian Securitisation Forum has given a resounding thumbs down to the Reserve Bank of New Zealand’s proposed new format for mortgage bonds, intended to revive the country’s moribund RMBS market.

  • A National Australia Bank (NAB) employee assists a customer using an automatic tellar machine (ATM) at a branch in central Sydney, Australia.

    NAB makes rare domestic visit

    Bonds | 09 March 2018

    National Australia Bank breathed life into the local covered bond market last Wednesday when it netted A$1.5bn (US$1.17bn) from a self-led three-tranche five-year and 10-year offering.

  • National Australia Bank (NAB) CEO Andrew Thorburn poses for the media at a branch of the bank in Sydney, Australia.

    NAB prints first Green RMBS

    Structured Finance | 09 February 2018

    National Australia Bank reopened the domestic securitisation market last Thursday with a self-led A$2bn (US$1.56bn) RMBS offering, which was also the first from Asia-Pacific to include a Green tranche.

  • Luis Alberto Moreno, President of the Inter-American Development Bank, speaks in a business forum at the Annual Meeting of the Board of Governors of the Inter-American Development Bank in Luque, Paraguay.

    Fast start for Kauri market

    Bonds | 02 February 2018

    Pent-up investor demand has fuelled a rapid start to the year in New Zealand’s Kauri bond market, with five regular Triple A rated supranationals and agencies making visits in January followed by two further trades on February 2 to take year-to-date issuance up to A$2.8bn (US$2.04bn).

  • Record demand for Aussie sovereign

    Record demand for Aussie sovereign

    Bonds | 19 January 2018

    The Australian Office of Financial Management drew a record order book for last Wednesday’s A$9.6bn (US$7.25bn) November 21 2029 government bond, underlining the country’s continued appeal even at a tighter spread over US Treasuries.

  • 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.

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