Search

Reports on several financial service companies that invested in the Australian dollar Eurobond market to take advantage of demand for short dated paper as of July 23, 2004. Lack of higher yielding corporate issuance; Information on commercial paper issues offered by Oesterreichische Kontrollbank; Concerns of some bankers on the capacity of the Australian dollar market.

Abstract: The paper forecasts conditional correlations between three classes of international financial assets, namely stock, bond and foreign exchange. Two countries are considered, namely Australia and New Zealand. Forecasting will be conducted using three multivariate GARCH models, namely the CCC model [T. Bollerslev, Modelling the coherence in short-run nominal exchange rates: a multivariate generalized ARCH model, Rev. Econ. Stat. 72 (1990) 498–505], VARMA-GARCH model [S. Ling, M. McAleer, Asymptotic theory for a vector ARMA-GARCH model, Econometric Theory 19 (2003) 280–310], and VARMA-AGARCH model [M. McAleer, S. Hoti, F. Chan, Structure and asymptotic theory for multivariate asymmetric volatility, Econometric Rev., in press]. A rolling window technique is used to forecast 1-day ahead conditional correlations. To evaluate the impact of model specification on conditional correlations forecasts, this paper calculates and compares the correlations between conditional correlations forecasts resulted from the three models. The paper finds the evidence of volatility spillovers and asymmetric effect of negative and positive shock on the conditional variance in most pairs of series. However, it suggests that incorporating volatility spillovers and asymmetric do not contribute to better conditional correlations forecasts. [Copyright &y& Elsevier]

The article reports on the third rate cut implemented by the Reserve Bank of Australia on October 2, 2012. The 0.25% reduction in interest rates was the central bank's response to the continuing recession in Europe and the Chinese economic slowdown. Debt capital market (DCM) bankers argue that the possibility of a rate reduction has already been priced in by the markets. Bankers are still optimistic over the possibility of further issuance in Kangaroo bonds.

The article reports on a series of bond deals from Washington supranationals to be hosted by Australia in July 2012. Rumoured issuers of the deals include the International Financial Corp., the Inter-American Development Bank (IADB) and the World Bank which are primed for success if and when they decide to print Australian dollar paper. The Asian Development Bank also priced a jumbo 1.1 billion Australian dollar dual trancher which grew from just 300 million in July 2012.

Looks at the bond deal launched by the Australian insurance giant AMP as of November 6, 1998. Information on the deal; Comments from Geoff Hansen, funding official at AMP; Four strong domestic brandnames of AMP.

The article offers information on a bond offering issued by National Australia Bank on July 11, 2012. The 225 million Swiss franc issuance was arranged by UBS and Credit Suisse and will mature on November 7, 2018. A strong investor demand has been reported for the transaction partly due to the large redemptions in June 2012. Information on the offering's issue price and spread at re-offer is also provided.

The article focuses on the 500-million-euro senior secured, fixed rate bond launched by Austrian steel manufacturer Voestalpine on January 25, 2011. Erste Bank and RZB are the bookrunners of the deal with an issue/re-offer price of 99.388. Austrian steel investors were targeted by the issue. Forty-six percent of the paper was allocated to retail accounts and 39% were allocated to banks.

The article examines the surge of monthly Kangaroo bond volumes. The increase in Kangaroo supply was attributed to investor demand for highly rated liquid paper and cross-currency arbitrage. According to Apoorva Tandon, a director on Australia & New Zealand Banking Group's syndicate desk, volumes in January 2011 surpassed previous highs set in March 2010.

Reports the status of the domestic corporate bond market in Australia in March 2000. Impact of the launching of bonds of Southcorp to the market; Expectations on the launching of the bonds of Telstra Corp.

There has been a rapid increase in the number of corporate bonds issued in Australia since the middle of 1998. This increase has stimulated interest in characterising the yield curves and the factors that determine changes in these spreads. The focus of this paper is on measuring any impact of stock market volatility on spreads using two different measures. One measure is based on volatility implied from options prices while the other is derived from a conditional heteroscedastic volatility model of changes in a stock market index. It is found that the former has no significant impact on spreads but the latter is both significant and stable over time. This impact is estimated to be negative implying that an increase in volatility cause a decrease in corporate bond spreads. [Copyright &y& Elsevier]

Provides information on the Australian dollar-denominated bonds issued by UBS Australia Ltd. launched on February 2, 1999. Rating; Amount; Maturity; Bookrunners.

The article reports on the success of the Commonwealth of Australia's November 2013 syndicated bond offering set for a 20-year maturity. It reports that the success of the deal has created opportunities for the country to offer other similar deals with an even longer maturity date. It mentions that the deal attracted bids from central banks, with the order book garnering interest of around nine billion Australian dollars. The implication of the deal on Australia's debt maturity is discussed.

The article reports on the bond offering issued by KfW on August 1, 2012. The company reportedly returned to the Kangaroo market with a 650 million Australian dollar August 2017 bond, its third largest new issue in the currency. Lead managers of the deal include Deutsche Bank, TD Securities and UBS.

The article reports on the revival of the Australian dollar sovereign, supranational, and agency sector with its first substantial supply since Apra's announcement on liquid assets in February 2011. Alf Costanzo of TD Securities said they have not made a final conclusion on the definition of a liquid asset. Klaus-Peter Eitel of KfW believes that the market cannot stay on hold forever realistically. A seven-year bond worth 250 million Australian dollars was issued by Rentenbank.

The article reports that local currency government guaranteed bonds were sold by two Australian banks to international investors. The first was National Australia Bank, which issued A$100 million of three year paper at 100.345 paying a coupon of 4.25% through RBC Capital Markets. The Commonwealth Bank of Australia priced its otherwise identical A$100 million bond.

The article reports on an international bond deal in New Zealand dollars launched by HBOS Treasury Services PLC of Sydney, New South Wales on November 24, 2005. The deal was rated Aa2/AA. December 8, 2008 was set for the maturity of the issue. The issue was attractive to investors.

Provides information on the Australian dollar bond issued by Commonwealth Bank of Australia as of June 24, 2005. Rating of the bond issue; Views of bookrunner RBCCM on the deal; Factors that led to the deal.

Reports on the issuance of bonds by three companies in the Australian market. Remarks from St George Bank executive Jeff Sheehan on the bonds; Pricing of the bonds offered by American International Group; Failure of the bond issued by Bradford & Bingley.

Reports on an Australian Securities and Exchange Commission-registered global bond launched by Members Equity Pty. Ltd. in October 2002. Amount of the bond issue; Number of investors who took part in the transaction.

Looks at the status of the Australian domestic capital market as of November 30, 2001. Bond offering launched by British American Tobacco Australia; Bond offering launched by Household Finance; Bond offering of the Deutsche Diversified Trust; Value of the offerings; Structure and maturity of the offerings; Bookrunners of the offerings.

Focuses on the Asian Development Bank's bond deal for the Australian stock market. Credit rating of the deal; Lead managers of the deal; Price of the bonds; Reason for launching the deal.

The article reports on the bond and equity deals offered by a number of Australian banks in the debt and equity markets in December 2008. ANZ, Westpac, Commonwealth Bank of Australia (CBA), Macquarie and Suncorp-Metway sold a total of over $7.5 billion in the country's first debt sales covered by a government guarantee, while Westpac and CBA tapped equity investors for Australian $3.25 billion.

Reports on GMAC Australia's launch of an Australian dollar-denominated bond issue on January 22, 1999. Rating; Amount; Maturity date; Issue price; Bookrunners' comments; Market appraisal.

The article reports on the sale of a four-year Kangaroo tap by the Inter-American Development Bank (IADB) in November 2013. One factor behind the success of the sale was an improved basis swap from Australian dollars to U.S. dollars. The 250 million Australian dollar tap of the 3.5% September 2017 bonds of IADB was priced by HSBC and Nomura at 17 basis points over mid-swaps. Niche currency syndicate officials assert that deal sizes have shrunk due to sustained high supply.

The article reports on the plan of development bank Corporación Andina de Fomento (CAF) to access the Australian market by targeting supranational, sovereign, and agency (SSA) bond investors in the region. Chief financial officer (CFO) Hugo Sarmiento mentioned that the company aims to attract traditional SSA investors such as sovereign wealth funds, central banks, and corporate treasuries. The company has received an upgrade of its rating of AA- from rating agencies Fitch and Moody's.

The article reports on the increase in Kauri bond issuance in March 2013 to take advantage of investors' demand for high yields. Australia and New Zealand Banking Group or ANZ priced Kauri bonds of Rentenbank at 44 basis points over mid-swaps. Increased interest in Kauri market was caused by expectations of investors on Australian dollars. Kommunalbanken Norway (KBN) also plans to access the Kauri market after selling 150 million New Zealand dollars in April 2012.

The article reports on the April 2029 bond issued by the Australian government in the domestic market during the week of October 12, 2012.

The article reports on a 5.625% 2016s bond offering issued by Eurofima in Australia in May 2012. The Eurofima deal was reportedly in response to reverse enquiry and the only second Kangaroo bond issuance of the month. Lead managers of the deal are Deutsche Bank and TD Securities, which priced the trade at 150 million Australian dollars.

The article reports on the debut no-grow six year Swiss franc bond issue of Amcor, a packaging firm in Australia. Priced by BNP Paribas and UBS, the bond issue with a coupon of 2.125% was rated Baa2 by Moody's and BBB by Standard & Poor's. Investors in the deal include asset managers, private banks and insurance companies.

The article reports on the launch by the Council of Europe Development Bank (CEB) and the European Investment Bank (EIB) of new Kangaroo bonds in Australia in February 2011. Managed by HSBC, the CEB deal was initially valued at 250 million dollars. A syndicate banker shares that the sound arbitrage opportunities for the borrower has triggered the CEB deal. On the other hand, the EIB deal was managed by ANZ, Citigroup and Royal Bank of Canada.

The article reports the Australian dollar bond market posted an issuance of 3.1 billion Australian dollars in a week, driven by new regulations by the Australian Prudential Regulation Authority and string market performance in 2010. Initial regulations did not include bank securities as liquid assets. Australia's economic strength is also helping to build international and domestic investor confidence. Issuers include the Asian Development Bank, European Investment Bank (EIB) and Rabobank.

The article highlights the performance of Australian banks in the private placement market in October 2009. It reports that Wetpac was able to sell nine trades, one of which is a 50 million U.S. dollars note through the Royal Bank of Scotland. Mostyn Kau of Westpac clarified that they value diversification of its funding base and the flexibility whether using the government guarantee or considering new products.

The article provides information on the Australian dollar-linked bonds issued by Hypo Real Estate Bank International AG in February 2006. The maturity date for the bond is on March 7, 2016. Bonds were priced at 100.18. ABN Amro is the lead manager for the bond.

Reports on the issuance of bonds in the Australian market. Pricing target of Bank Nederlandse Gemeenten; Amount of the bond offered by Rabobank; Plans of ElectraNet to launch a bond deal in the market.

Reports on the launching of the first medium term note of Caterpillar Financial Australia into the Australian market. Joint bookrunners for the transaction; Investor reception to the bond; Implication of the level of demand on the bond issue.

Presents an update on the Australian dollar bond pipeline market as of August 2003. Purpose of the bond for Commonwealth Property Fund; Joint plan of the Commonwealth Bank of Australia and the National Australia Bank; Details on the bonds of GE Capital Australia Funding; Appointment of Westpac Institutional Bank as adviser and potential bookrunner of Caterpillar Financial Australia.

Reports on the consolidation craze in the Australian property trust market which began to generate new bond issues as of July 2003. Offer made by Stockland Trust for the purchase of AMP Diversified Property Trust's outstanding bonds; Market reception of the offer; Plan of Westfield Trust to launch a 5 year bond.

(Bloomberg) -- A failure to respond to climate change will lead sovereign debt costs to spiral, according to Australian government planners. Australia's benchmark sovereign bond yields have surged about 70 basis points in the past three months to around 1.75%, as global policy makers get ready to reduce the extraordinary stimulus given to markets during the pandemic. [Extracted from the article]

If Australia was the only developed country without such a goal, the extra cost could jump as much as 300 basis points, they said. (Bloomberg) -- A failure to respond to climate change will lead Australia's debt costs to spiral, according to government planners. [Extracted from the article]

Reports on the bonds issued by Interstar Securities (Australia) Pty Ltd. as of October 11, 2002. Value of the bond issues; Details of the average life and maturity dates of the issues; Problem faced by Interstar with lower than average quality of collateral to the issues.

Reports on the completion of the tranche bond issue of Southern Cross Airports Corp. in Australia as of October 11, 2002. Concerns on the cancellation of the company's seven year tranche; Reasons for the delay in the tranche issue; Difficulties faced by Souther Cross with the execution of the bond deal which will be used to refinance a bridge loan to Macquarie Bank.

Reports on the plan of Hutchison Telecommunications to sell five year convertible bonds with conversion premium of 60 percent. Amount of the covertible bond that company will sell; Background of the company; Information on the banks that will arrange for the deal.

Provides information on the Australian debt market as of March 2002. Level of demand for primary issuance; Debt transactions of Meridian Energy, General Property Trust and Royal Bank of Canada; Bond issuance being planned by Deutsche Bank for the Australian market.

Reports on the launching of bond in the Australian bond market by National Australia Bank. Composition of the transaction; Value of the bond; Co-managers for the bond; Coupon rate of the bond.

Reports on the launch of bond issues in Australia led by Westfield Trust and Evestra Victoria in July 2001. Bond transaction for Westfield's New Zealand affiliate; Details on the bond issue of Bayerische Motoren Werke; Transaction for the 2004 transferable certificates of deposits.

Presents news briefs on securitization deals as of December 1, 2000. Details on the launching of Australia's third securitization of commercial property by Deutsche Bank; Plan of Daiwa Bank to launch its first residential mortgage securitization in December 2000.

Provides information on the bond transactions issued at the debt market in Australia. Value of the bonds issued by Abbey National; Funds raised by the bond transaction deal of Publishing and Broadcasting Ltd.; Rating of the bond issued by ANZ Bank.

Reports on the plan of Kerry Packer's Publishing and Broadcasting Ltd. to bring the first straight domestic corporate bond of Australia. Details on the corporate bond issuance; Market capitalization of the firm; Forecasts on other market activity of the company.

Provides information on bond issues launched by Lend Lease and C&W Optus in the domestic bond markets of Australia. Transaction of Lend Lease via Commonwealth Bank of Australia and Merrill Lynch; Companies involved in the transaction; Views of bankers and managers on the deal.

Deals with the possible launching of bond offerings from Lend Lease company and C&W Optus company in Australia. How the offerings will test the appetite of investors in the Australian domestic market; Value of the offerings; Managers for the offerings.