Japanese investors confirm AUD selling, but storm may be passing
Japanese fund managers have confirmed analysis from the Australian market identifying selling of Australian dollar securities by investors in a number of sectors in Japan. The scale of divestment has been significant and appears likely to continue for the near term, but the latest information from analysts and Japanese investors suggests core AUD positions will be maintained.
ANZ says New Zealand sub notes non-call has no implications for parent sub debt [UPDATED]
ANZ Banking Group (ANZ) says its decision not to redeem a subordinated note issued out of its New Zealand subsidiary at the first of its two call dates is no more than a function of the specific security's unique features, and has no impact on the rest of the bank's capital instruments. On February 15 ANZ told investors it would not immediately be redeeming the NZ$835 million (US$710.3 million) subordinated bond it issued in April 2008.
RBA's hold decision: specific interpretation varies but dovish tone prevails
Analyst readings of an on-hold Reserve Bank of Australia (RBA) cash rate decision in February offer somewhat divergent conclusions, though the stable 3 per cent rate itself came as little surprise. While research notes published in the immediate wake of the February 4 decision interpret the RBA's tone as dovish, some economists appear to believe the latest decision heralds a somewhat reduced chance of imminent further easing.
Westpac opens 2013 retail market with upsized hybrid [UPDATED]
Westpac Banking Corporation (Westpac) completed the bookbuild on Australia's first new retail debt offer of the year on February 6, having upsized the Basel III-compliant, tier one hybrid transaction from an initial A$500 million (US$514.5 million) to A$1.25 billion. The bank had said an issue of the smaller target volume would add approximately 16 basis points to its tier one capital, which at the end of its 2011/12 financial year stood at 10.3 per cent according to then-current Australian regulatory rules.
Conducive Kauri conditions prompt record start to new year
A receptive market and helpful pricing economics helped the Kauri market break a clutch of records at the start of 2013, including the largest aggregate volume printed at the beginning of the new year and the largest-ever deal from a supranational, sovereign and agency (SSA) issuer.