Over the past week we have witnessed a steeping of the yield curve (change in long term rates expectations), the RBA keeping interest rate traders happy with a rate cut, APRA changing the capital rules for banks (good for debt and hybrid investors), major banks kicking of their half year reporting and a few interesting pricing benchmarks. The yield curve relevant to our investor [...]
The Australian Banking sector has had a difficult few days on the sharemarket after APRA's (Australian Prudential Regulation Authority) Chairman Wayne Byres said the recommendation by the Financial Systems Inquiry on increasing mortgage risk weights can be “dealt with sooner rather than later.” To most people this means nothing at all but in technical terms it will make `it significantly harder for banks [...]
On April 30th, 2015, Transurban issued a press release regarding the Victorian Government announcement that it will progress Transurban's proposal to deliver a new Melbourne motorway (called the Western Distributor), which will provide an alternaive to the West Gate Bridge and will keep trucks off the city's inner west. On the same day, Standard & Poor's (S&P) announced that it [...]
BondAdviser is an independent investment research company that specialises in bonds and fixed income securities. We provide investors, advisers, brokers and institutions with research, data, education and tools to help them invest intelligently. Our service is delivered online via an easy-to-use portal. At BondAdviser, our goal is to lift the lid on the fixed income market so that more investors [...]
The news over the past week continues to be dominated by macroeconomic headlines and debate over the current effectiveness of the RBA's monetary policy stance. Bond and hybrid investors have focussed on factors such as the first major bond default by a chinese property developer and hedge funds are circling Atlas Iron through a debt restructuring process. But before we dive into these factors we thought [...]
Last week, the credit rating agency S&P placed eight iron ore miners, including BHP Billiton, on negative credit watch after it revised its three-year price predictions for iron-ore, the main commodity used in steel-making. Table 1. S&P revised Iron-Ore price expectations (in USD per metric ton) 2015 2016 2017 Before 65.00 65.00 70.00 Revised prices 45.00 50.00 55.00 At the [...]
On the 8th April 2015, Royal Dutch Shell PLC announced a $70bn mega-merger with smaller rival BG, the third largest oil and gas merger ever. In the current low interest rate environment and falling oil prices, this should not come as a surprise. As OPEC and mainly Saudi Arabia have decided not to reduce their crude production and are trying to force [...]
It was a quiet news week in terms of fundamentals for fixed income markets but economic and technical news continues to flow. Over the past week we have had a very large new issue from ANZ (AUD$2.5billion), minutes released from the US Federal Reserve FOMC meeting, implications from the iron ore price collapse and the AOFM selling their first inflation linked [...]
Over the past few weeks the primary market has seen a flurry of activity with 5 different issuers coming to market. These securities are all different in structure, credit risk and trading terms. At BondAdviser we keep a close eye on the factors driving issuance and give users easy access to monitor the secondary market performance of these securities when [...]
It’s been a quiet few weeks for the Primary Issue Market in the listed space whilst the traditional Wholesale Bond Market continues to see new issuances from repeat and first time issuers. The domestic banks have been very active, accessing funding in Europe over the past few weeks. Coming off the back of a period of volatility, we expect the [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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ABN 31 164 148 467 ‧ Important Information
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
