APRA data shows Aussie fixed income super assets declined in 2009
The Annual Superannuation Bulletin released by the Australian Prudential Regulation Authority (APRA) on February 10 strongly suggests that the level of local superannuation funds allocated to Australian fixed income dropped significantly in the 2008/9 financial year. The fall was caused by declining asset value and a slightly reduced default allocation to domestic fixed income.
ME Bank downplays guarantee removal following deal
ME Bank (BBB/A2) completed an A$500 million (US$437.5 million) government guaranteed medium term note (MTN) deal on February 10, with the issuer downplaying the significance of the recent announcement of the guarantee's impending withdrawal. Buoyed by its recent success in the residential mortgage-backed security (RMBS) market, ME Bank says its funding position is secure and the latest deal was part of its wider strategy rather than a move to secure guaranteed funds while available.New Zealand domestic market powers ahead with three deals
A trio of transactions from issuers in New Zealand's power sector illustrates an awakening in the country's power infrastructure spending, lead managers say. Retail deals from TrustPower (unrated) and Meridian Energy (Meridian) (BBB+) have both closed in the past two weeks, having raised a combined NZ$340 million (US$233.75 million), while Mighty River Power (Mighty River) (BBB+) added NZ$100 million in a rare institutional-only transaction settling on February 11.RMBS deal further eases BOQ's need for guaranteed funding
The latest re-entrant to the Australian residential mortgage-backed securities (RMBS) market, Bank of Queensland (BOQ), says it is under no pressure to source additional government guaranteed funding before the withdrawal of federal support on March 31. With A$850 million (US$737.04 million) in hand from the February 9 RMBS and only one maturity in 2010, while BOQ says it is in a position to choose its funding options on their merits.