1 Jun, 2017

Breaking down the S&P Bank Credit Rating Framework

By |2021-09-24T10:43:38+10:00Jun 1, 2017|Education|

On the 22nd of May 2017, Standard and Poor's (S&P) announced the Issuer Credit Ratings of 23 Banks (both domestic and foreign branches) operating in Australia would be downgraded due to concerns around potential economic imbalances. While there has been a lot of coverage around the potential consequences of this rating action, we believe it is important to break down the [...]

1 Jun, 2017

Understanding Bond Trustees

By |2017-06-01T03:02:39+10:00Jun 1, 2017|Education|

In the low-interest rate environment, domestic markets have displayed a growing appetite for high-yield bond issuance in recent years. Aside from the increased risk compensation (higher coupons), investor interests are also protected by intermediaries, namely bond trustees. A bond trustee is a company designated by the issuer as the custodian of funds and official representative of bondholders. The trustee plays [...]