Kanga.Trends
Bank of Queensland is first triple-B issuer to bring a guaranteed bond in Australia
TD Securities pulls plug on Australian origination, sales and trading
Westpac makes key appointments in credit trading
Citigroup and JPMorgan cut back on Sydney-based secondary credit market activities in favour of centralised Asian operations
Aussie banks hit up offshore and domestic markets in guaranteed bonanza
Fonterra is key marker for New Zealand market in early 2009
Feature: New landscape for “real triple-As”
As 2009 kicks in the number of issuers in the triple-A sector has exploded and, as a consequence, competition for investor funds has become fierce. Sovereign-guaranteed banks represent a vanguard of temporary triple-As and their entrance has dramatically changed the funding environment – and pushed out the market price – for sovereign, supranational and agency issuers.
Feature: Bouncing the basis swap
Changes in capital flows played havoc with the basis swap over 2008 – and then came the sovereign guarantee and, with it, another dramatic shift in the landscape. KangaNews examines how the delicate matrix of flows has been altered.
Feature: Living with the guarantee
Originally introduced to prop up banking systems that were teetering on the edge of the abyss, government guarantees on bank borrowing have spread across the developed world. Australian banks have benefited as much as any others from the backing of their sovereign, but there is no clear picture of when the temporary support system will stop being necessary.
Kanga.Deals
Exclusive data on AUD domestic deals priced in the year to January 23.
Plus league tables for AU Domestic bond market.
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