APRA sets out preliminary thinking on new securitisation regime
The Australian Prudential Regulation Authority (APRA) has outlined the conceptual context of its forthcoming new permanent regime covering securitisation in Australia. The new regime – on which APRA expects to initiate consultation early in 2013 with implementation to follow the next year – will be based on the regulator's desire to simplify securitisation rules, to facilitate funding-only issuance, and to address lessons learned about the market.
Australian superannuation funds return to pre-crisis peak levels
Nearly five years after reaching their highest pre-financial crisis levels, Australian superannuation fund returns have recovered to their peak according to SuperRatings data. While improving equity markets have been the most notable driver of performance over the past 12 months, diversified fixed interest continues to be the best-returning of SuperRatings' sectoral indices over three-, five- and seven-year periods.
BHP Billiton's domestic return acclaimed by market participants
BHP Billiton Finance, a funding entity guaranteed by BHP Billiton, launched and priced the largest-ever non-credit wrapped corporate bond deal in the Australian market on October 9. The firm placed A$1 billion (US$1.02 billion) of new five-year notes in a deal market participants say was oversubscribed by nearly double.
BHP Billiton targets AUD curve development following issuance return
Following its return to the Australian market with the country's largest-ever non-credit wrapped corporate bond deal, BHP Billiton says it expects to issue more AUD-denominated paper in future. The issuer also reveals that the size of its new deal – A$1 billion (US$1.03 billion) – significantly exceeded the volume threshold it targeted as a minimum for its return to the domestic market.
ANZ tops league tables in Australia and New Zealand at end of Q3
At the end of the third quarter of 2012, intermediary league tables for total public syndicated bond issuance in both Australia and New Zealand had ANZ in first position. The bank even manages to hold both top spots when self-led transactions are excluded from league table calculations, and it also narrowly pips National Australia Bank (NAB) to top the excluding self-led securitisation league table.