With the spotlight on lower term deposit yields we thought it worth focusing on their liquidity . Essentially, term deposits can be broken before maturity with the issuing bank. There is no broad market determining the price, just a single bank and their deposit pricing systems. The following is a real life example as at 11th May, 2015: Term deposit with major bank yielding 3.3% [...]
After a 39.4% decline in gaming revenue for the month of March and a 35% fall over the first 3 months of the year, the Gaming Inspection and Coordination Bureau of Macau reported a 38.8% year on year decline in gross gaming revenue in April, the 11th consecutive monthly decline. In the first 4 months of 2015, Macau's gross gaming [...]
Over the past week ANZ, NAB , WBC and Macquarie have all reported their half year results and CBA provided a quarterly update. The theme is consistent across issuers with cash earnings remaining strong (although below inflated expectations), asset quality remained relatively stable (with the exception of a couple of outliers) but the key theme has been an increase in [...]
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 [...]
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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.
