Suncorp Group reported Full Year 2016 (FY16) Net Profit after Tax (NPAT) of $1.04 billion, down 8.4% on FY15, slightly below market expectations. Results across the business lines was mixed with Suncorp Life (Life) and the Bank reporting a lift in NPAT (by 13.6% and 11.0% respectively) while General Insurance (GI) NPAT was down by -17.5%. The operating expenses, including the one-off [...]
Last Friday the latest European bank stress test results were released. The test covered 51 European banks from 15 European Union (EU) and European Economic Area (EEA) countries and were designed to highlight potential capital shortfalls under both mild and severely stressed economic conditions. The macroeconomic scenarios assumed were that the EU real GDP growth rates over the three years [...]
Genworth Yesterday Genworth Mortgage Insurance Australia Limited released half yearly results that show a 33% decrease in its Gross Written Premium (GWP) from the previous year. This was even greater than the company’s predicted fall of 20% at the beginning of the period. In particular, the company’s portfolios in QLD and WA contributed to higher rates of delinquencies as challenges [...]
On the 3rd of August 2016, Seven Group Holdings (ASX Code: SVW) announced the on-market purchase of up 10% of TELYS4 (ASX Code: SVWPA) subject to market conditions. The group intends complete this over the next 12 months. Over the past 12 months Seven Group has undergone an extensive share buy-back as part of their capital management strategy. To [...]
Over the past year Australian companies have been effected by changing regulation, falling interest rates and currency, sharp drops in commodity prices, an economy in transition and last but not least the uncertainty surrounding Brexit. In our outlook, we hope to address some of these issues from a fixed income perspective. Click here for the outlook.
Reporting Season Calendar: Australian Foundation Investment Company (AFIC) - 25/07/2016 Genworth - 03/08/2016 Seven Group - 03/08/2016 Suncorp - 04/08/2016 Tabcorp - 04/08/2016 Bendigo & Adelaide Bank - 08/08/2016 AGL Energy - 10/08/2016 Commonwealth Bank of Australia - 10/08/2016 Goodman Group - 11/08/2016 Telstra - 11/08/2016 Aurizon Network - 15/08/2016 GPT Group - 15/08/2016 Mirvac Group - 16/08/2016 Challenger - 16/08/2016 G8 Education - 16/08/2016 Crown Resorts - [...]
At the end of February, we published “Term Deposits – Past, Current and Future Trends” outlining our expectation that term deposit margins would increase due to competitive pressures between Authorised Depository Institutions (ADIs). Since the commentary was written, term deposit margins have indeed risen by ~0.20%. Figure 1. Term Deposit Spreads Source: RBA, AFMA, BondAdviser As shown in [...]
Over the first half of 2016 the four major Australian banks have issued ~A$4.65 billion of domestic and US$1 billion of offshore hybrids. In a globally low interest rate environment, these issues have been well supported by investors and this is reflected in the movement of the average hybrid trading margin over 2016. Figure 1. AT1 Average Trading Margin [...]
On the 6th of July 2016 ratings agency S&P issued a request for comment relating to proposed amendments to Australian Prudential Regulation Authority’s (APRA) evaluation criteria regarding the capital adequacy of banks. Ultimately, the agency’s intention is to begin capturing recent Basel III enhancements that were introduced after the Global Financial Crisis in Pillar 3 bank disclosure statement reports. [...]
Major bank tier 1 hybrids have continued to rally over the past fortnight as markets have shrugged off the spike in market volatility experienced directly after the 23rd June Brexit vote. The Westpac Convertible Preference Shares (ASX Code: WBCPC) have had the largest compression in spread (0.84%) followed by the NAB Convertible Preference Shares 2 (NABPB) compressing by 0.63%. [...]
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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.
