KangaNews Market Update
Deal and ratings review, week ending January 27 2012
The week beginning January 23 saw both the second Australian dollar covered bond transaction and the second domestic corporate issue of the year price. Elsewhere other sectors in both Australia and New Zealand remained quiet.
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Westpac covered bond retained real money demand, leads reveal
Westpac Banking Corporation (Westpac)’s inaugural A$3.1 billion (US$3.3 billion) domestic covered bond transaction was another well-received deal, its issuer and lead managers say. Following on from the success of Australia’s first domestic covered bond, the deal points to a continued trend of domestic real money participation in the sector.
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IMF report backs Australian bank capital but suggests stress test tweaks
An International Monetary Fund (IMF) working paper exploring the capital adequacy of Australian banks has acknowledged the strong position of the domestic majors. While the report also suggests Australian banks would be broadly resilient to a shock in the mortgage market larger than they are likely to experience, it also recommends consideration of even higher capital requirements for systemically-important local banks.
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Australia Post returns to domestic market with new five-year [UPDATED]
Australian Postal Corporation (Australia Post) (AA+) launched and priced its first domestic transaction in almost three years on January 25. The new A$280 million (US$294.6 million) five-year deal was upsized from a launch volume of A$200 million and priced 10 basis points tighter than its indicative margin at 130 basis points over swap.
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