Macquarie preparing debut equipment lease-only securitisation
Preliminary ratings have been assigned to a new asset-backed securities (ABS) transaction to be issued by Macquarie Leasing (Macquarie). The deal, which will be the third to be issued off Macquarie's Smart programme this year, is the issuer's first securitisation based solely on equipment lease receivables according to a preliminary report released by Fitch Ratings (Fitch) on August 20.CommBank results include A$90 million reduction in H2 trading income from CVA
Commonwealth Bank of Australia (CommBank) adjusted its trading income downwards by A$90 million (US$94.2 million) in the second half of its 2011/12 financial year as a result of credit valuation adjustment (CVA) expense. Over the full financial year the impact was negative A$127 million, while the bank was able to report a positive impact of A$103 million from CVA movements in 2010/11.
EFIC responds to reverse enquiry with structured notes
Australia's Export Finance & Insurance Corporation (EFIC) (AAA) issued US$40 million of callable, capped floating rate notes on August 9. According to Chris Collard, director, treasury at EFIC in Sydney, the deal was executed in response to reverse enquiry and the proceeds were swapped to floating rate USD at a margin below six-month Libor.