APRA proposes accelerated Basel III capital standards implementation
Based on its view that Australian authorised deposit-taking institutions (ADIs) are "well placed to meet the new global minimum capital requirements" set out by Basel III guidelines, the Australian Prudential Regulation Authority (APRA) is seeking an accelerated implementation timetable for the local regime. The proposals were set out in a consultation paper published by APRA on September 6.ANZ National planning domestic retail transaction
On September 5 ANZ National Bank (ANZ National) (Aa3/AA-) announced an offer of unsecured, unsubordinated bonds. The potential issue will be the first retail offering of ANZ National bonds since July 2010, when the bank issued a NZ$350 million (US$294.7 million) five-year line.Deal and ratings review, week ending September 2 2011
Domestic primary deal flow was again restricted to the high-grade sector this week, as three new agency deals were introduced and two Kangaroo taps priced. Elsewhere, the second commercial mortgage-backed securities deal in two weeks was launched. The only activity in New Zealand was a small local council transaction.Demand for AUD high-grade FRN paper continues with two new deals
Within the past month, five short- to medium-dated floating rate note (FRN) deals have been placed by Australian semi-government and agency issuers for a total volume of A$1.3 billion (US$1.4 billion). With two of those deals pricing this week, market participants report ongoing appetite from a consistent group of investors. More such deals are expected to emerge and the demand for shorter-dated FRN paper could also expand into the Kangaroo market.Charter Hall announces fourth Australian CMBS issue of the year
Preliminary ratings have been assigned to a new commercial mortgage-backed securities (CMBS) deal to be issued by Charter Hall Retail Finance (Charter Hall), formerly known as Macquarie CountryWide Finance (Macquarie). The indicatively-sized A$250 million (US$267 million) transaction is just the second securitisation issue since late July, with IMB also executing a CMBS trade on August 23 at a size of A$202.6 million.