Overnight Moody’s Investor’s Services downgraded BHP’s issuer rating by two notches from ‘A1’ to ‘A3’ and maintaining the outlook as Negative, completing a review that was initiated on 18th December 2015. Moody’s downgrade reflects recent weak results that have materially stressed BHP’s credit metrics relative to rating tolerances. Standard & Poor’s (S&P) downgraded BHP from ‘A+’ to ‘A’ with a [...]
Summary of key points: Both margins and outright term deposit rates have fallen over the past two years; While the Bank Bill Swap Rate (BBSW) is expected to continue the declining trend following the Reserve Bank of Australia (RBA) official cash rate, any further lowering of outright rates on term deposits during 2016 may be offset by the banks potentially [...]
Moody's Investors Service have downgraded the issuer rating and senior unsecured notes one notch leaving the outlook as negative. Standard & Poor's on the 28th February announced no immediate ratings impact from the Master's write downs and first half 2016 results, although the negative outlook on the group remains. As a result Woolworths now have a split rating difference of one [...]
Westpac released its first quarter 2016 capital and asset update (Pillar 3) on Friday. The common equity tier 1 (CET1) ratio improved by 0.7% to 10.2% on an APRA basis and is 14.3% on an internationally comparable basis. Total capital increased by 0.6% to 13.9% and the capital stack saw a modest reduction in additional tier 1 (AT1, from 1.9% [...]
New Issue: PERLS VIII - Do Not Subscribe On the 16th of February 2016 the Commonwealth Bank of Australia (CBA) announced a new transaction, PERLS VIII (Prospective ASX Code: CBAPE). The purpose of this transaction is to provide funding for the group but more specifically it will be treated as additional Tier 1 capital for regulatory purposes. The indicative size [...]
On the 16th of February 2016, The Commonwealth Bank of Australia announced that it will redeem PERLS III and offer investors a rollover into PERLS VIII. The options for investors holding PERLS III (ASX code: PCAPA) 2016 are: 1. Exchange PERLS III for the new PERLS VIII issue; 2. Redeem PERLS III ($200 face value plus last dividend ) for cash; 3. [...]
As we expected, National Australia Bank released relatively moderate results with no major surprises in their first quarter trading update. Cash earnings from continuing operations were approximately $1.7 billion up 8% up on the prior corresponding period primarily driven by improved lending volumes, a higher net interest margin and stronger wealth results. Additionally, bad and doubtful debts fell 52% for [...]
Mirvac Group (MGR) continues to have a strong business profile with a healthy pipeline of new developments and projects. Although the results for the first half of financial year 2016 were somewhat disappointing (although in line with expectations), the group expects operations to improve as non-strategic asset sales are finalised and a significant skew of residential settlements are realised in the [...]
An employee-owned financial services provider focused on the Debt Capital Markets.
An employee-owned financial services provider focused on the Debt Capital Markets.
© Bond Adviser Pty Ltd ‧ ASFL 456783 ‧ ABN 31 164 148 467 ‧ Important Information
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
© Bond Adviser Pty Ltd ‧ ASFL 456783
ABN 31 164 148 467 ‧ Important Information
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
