Quieter issuance week following early guarantee frenzy
The flood of government-guaranteed issuance from Australian banks has slowed in recent days, with just under US$1 billion equivalent priced in the week ending January 23 – down from US$5.08 billion the week before and US$12.41 billion in the first week of the new year.TD pulls plug on Australian origination, sales and trading
TD Securities (TD) will no longer have an origination, sales or trading facility in Sydney as the bank has revealed all these functions will be moved to Singapore "in the coming weeks". The firm has yet to confirm details of staffing changes or how the new setup will be structured, but market sources have cast doubt in its ability to maintain its origination performance in Australia with no local facility.
Aussie banks hit up US and domestic markets in guaranteed bonanza
Australian banks had by January 14 conducted the equivalent of over US$30 billion in term borrowing under the conditions of their government's guarantee scheme since the first such deals were brought to market in early December 2008.
BOQ is first triple-B guaranteed issuer in Australia
Demand for Australian government guaranteed bonds continued on January 20 as Bank of Queensland (BBB+/A2/BBB) (BOQ) became the first triple-B rated issuer to price a deal under the sovereign scheme, bringing A$500 million (US$331.15 million) of 2011 paper to its home market.