European agencies stress differences following Eksportfinans fallout [UPDATED]
European agency borrowers are emphasising the differences between their support mechanisms and that of Eksportfinans, following the Norwegian export finance agency's downgrade to sub-investment grade status by Moody's Investors Service (Moody's). It has been suggested that the Eksportfinans move could call implicit sovereign guarantees into question in the minds of investors.Deal and ratings review, week ending December 2 2011
The week beginning November 28 saw just one public primary transaction price in the Australian market, although an exchange offer of tier two paper was opened on December 2. Across the Tasman, no new deals emerged this week.Deal and ratings review, week ending November 25 2011
As a result of amplified volatility, the week beginning November 21 saw very little public primary market activity in both Australia and New Zealand. Just one residential mortgage-backed securities deal priced as market participants nervously await greater stability.Australian majors quietly benefit from CP flight to quality
Concerns about a renewed funding squeeze in global commercial paper (CP) markets do not appear to be hurting the Australian majors at this stage. While funding sources emphasise the volatility of the international environment they also say that, so far, short-term pricing and capacity has held up as the Australian banking sector has been a beneficiary of investors' reallocation away from European names.CommBank still to reveal detail of debt changes following markets "refinement"
The reorganisation of Commonwealth Bank of Australia (CommBank)'s debt operations appears to be ongoing, with the bank refusing to disclose full details of the changes before internal discussions have been completed. The key feature of the reorganisation for CommBank's debt business is the alignment of DCM origination with other debt origination as part of the bank's corporate finance business, thus separating origination from DCM syndication and sales – which join fixed income trading under the markets banner.